TEL AVIV, Sept 5 (Reuters) - Fertiliser maker Israel Chemicals ( ICL ) ICL.TA will not be bidding for an indirect stake that is for sale in Chilean potash and lithium producer SQM SQMa.SN , a spokesman for the Israeli company said.
ICL Chief Executive Officer Stefan Borgas said in May that ICL was interested in investing in SQM, which is 30 percent held by Potash Corp of Saskatchewan POT.TO , but noted SQM was too big for ICL to buy outright. share-based merger of ICL and SQM, or ICL buying a stake in SQM, could be attractive, but would need to involve Potash Corp, which is also a shareholder in ICL, Borgas said in May.
SQM's controller Julio Ponce in December began the process of selling the bulk of his shares in the company. His holding firm Oro Blanco ORO.SN is looking to sell its majority stake in Pampa Calichera CALa.SN , which in turn owns around 23 percent of SQM. Bids are due on Monday.
"We will not be in involved in this process," ICL's spokesman said.
ICL, a subsidiary of Israel Corp ILCO.TA , is Israel's sixth-largest producer of potash.