Israel Corp. Ltd. (ILCO.TV) said Tuesday it has sold 0.63% of Israel Chemicals Ltd. (ICL.TV) for 395 million shekels ($104 million) to UBS AG (UBS), which then distributed the shares on the open market.

Prior to this sale of 8 million shares in Israel Chemicals, Israel Corp. held 53% of Israel Chemicals, which produces chemical products from minerals in the Dead Sea.

Israel Corp. remains the controlling shareholder with 52.37% of Israel Chemicals following this sale.

Swiss bank UBS paid ILS49.40 a share, Israel Corp. said.

At 1110 GMT, shares of Israel Corp. were down ILS20.00, or 0.70%, at ILS2,823.00, while shares of Israel Chemicals were down ILS0.60, or 1.2%, at ILS49.30, in a lower Tel Aviv market.

-By Sara Toth Stub, contributing to Dow Jones Newswires; saratoth@gmail.com
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