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 non-financial ones. ($1 = 3.7695 shekels) (Reporting by Tova Cohen)
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