Bank Leumi swaps Israel Corp stake for ICL shares
TEL AVIV, April 24 Leumi, Israel's
second-largest bank, said on Sunday it had swapped its remaining
5.86 percent stake in holding company Israel Corp for
a 1.4 percent holding in Israel Chemicals (ICL).ICL, one of the three largest suppliers of the crop nutrient
potash to China, India and Europe, is a subsidiary of Israel
Corp. Leumi exchanged 451,252 shares in Israel Corp for 17.9
million ICL shares.
ICL shares were up 0.9 percent at 18.68 shekels in morning
trade in Tel Aviv, valuing Leumi's holding at 334.4 million
shekels ($89 million).
Last August, Leumi sold a 5.2 percent stake in Israel Corp
for 500 million shekels. This followed a sale of a 6.9 percent
stake in February 2015 for 707 million shekels.
The sale of Israel Corp shares stems from a competition law
that bans financial firms from holding more than 10 percent of
($1 = 3.7695 shekels)
(Reporting by Tova Cohen)