Nutrien Ltd has announced that its wholly owned subsidiary, Potash Corporation of Saskatchewan Inc., is planning to sell 176 088 630 ordinary shares of Israel Chemicals Ltd (ICL) – or 100% of Nutrien's total stake – in a private secondary offering, subject to customary closing conditions.
In the statement, Nutrien claims that the offering is expected to close on 23 January 2018 (Israel). The company is expecting to receive approximately US$700 million of net proceeds from the sale.
This latest announcement follows the successful merger of equals transaction between Agrium Inc. and Potash Corporation of Saskatchewan to form Nutrien, which was officially completed in early January 2018.