U.S. Listing Plan Gives ICL an Edge in Taxation Battle
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Israel Chemicals Ltd.’s listing in New York next week may open the door for the fertilizer maker to remove its stock from the Tel Aviv bourse, giving it a new edge in its battle against government tax increases.
The nation’s second-largest publicly-traded company, which says the U.S. listing will broaden its investor base, could use the move as a negotiating tool after a government panel in May proposed steps to double the public’s share of profits from natural resources, according to analysts at UBS AG and Psagot Investment House Ltd. The fertilizer maker has already threatened to cut back its business in the country.