Nutrien Ltd said that its wholly-owned subsidiary, Potash Corporation of Saskatchewan Inc, intends to sell 176,088,630 ordinary shares of Israel Chemicals Ltd (ICL) or 100 percent of Nutrien's total stake – in a private secondary offering.
The offering is expected to close on 23 January 2018 (Israel). Nutrien expects to receive approximately $700 million of net proceeds from the sale of the shares.
No sales of Shares are intended to be made to any person that, after giving effect to the offering, results in such person or its affiliates becoming a beneficial owner of more than 5% of the outstanding ordinary shares of ICL. By participating in the offering, each purchaser of ordinary shares is deemed to represent and warrant to the selling shareholder that, immediately after giving effect to the offering, neither it nor any of its affiliates (acting alone or as a part of any group (within the meaning of Section 13(d) of the Exchange Act) will (1) become a beneficial owner (as defined pursuant to Rule 13d-3 or Rule 13d-5 under the Exchange Act) of more than 5 percent of the outstanding ordinary shares of ICL as of the date of the offering or (2) be required to be filed a Schedule 13D or Schedule 13G with the US Securities and Exchange Commission, the company said.
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