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Jun 22, 2015

On June 22, 2015, Israel Chemicals Ltd. (ICL) announced it had completed the acquisition of 100 percent of Allana Potash Corp (Allana). ICL, through an indirect wholly-owned subsidiary, acquired all outstanding common shares of Allana, a Canadian mining company engaged in the development of potash assets in Ethiopia.

ICL paid $137 million for 83.78 percent of Allana’s outstanding shares that it did not already own. In 2014, ICL acquired 16.2 percent of Allana for an aggregate of $25 million. The total transaction is valued at approximately $164 million when completed, pursuant to a court approved plan of arrangement under the Business Corporations Act (Ontario), for cash and securities of ICL.

McMillan LLP represented ICL with a team led by Paul Davis and which included Sandra Zhao (capital markets/M&A), John Clifford (business law), Carl Irvine (tax), Brett Harrison (business litigation), Paul Boshyk (employment law).

ICL is a global manufacturer of products based on specialty minerals that fulfill humanity’s essential needs primarily in three markets: agriculture, food and engineered materials. The agricultural products that ICL produces help to feed the world’s growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries.