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In Step Toward Privatization, Share of Israel Chemicals Sold

February 28, 1995
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The Israeli government’s plans to sell off state-owned firms advanced a significant step this week when the government sold a quarter share of Israel Chemicals, one of the country’s largest companies.

Israel Corporation, which is owned by Israeli billionaire Shaul Eisenberg, purchased the stake in Israel Chemicals for $231 million.

Eisenberg presented Finance Minister Avraham Shohat with a check for the entire sum at a ceremony in Jerusalem on Sunday.

Eisenberg is now the largest private stockholder in Israel Chemicals, with 24.9 percent of the company’s shares.

Israel Chemicals is a major producer of potash, bromides, fertilizer and industrial chemicals. Its 1994 sales totaled $1.2 billion.

The sale was part of a 10-year privatization program undertaken by the government.

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