Who Owns Israel Corporation Company?

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Who Owns Israel Corporation?

Understanding who owns a company like Israel Corporation, now known as ICL Group, is key to grasping its strategic decisions and overall direction. Initially a state-owned enterprise, its transformation into a publicly traded entity with a dominant controlling shareholder marks a significant chapter in its history.

ICL Group, established in 1968 by the Israeli government, has grown into a global leader in specialty minerals, serving essential needs in agriculture, food, and industry. With over 12,000 employees worldwide, the company reported revenues of approximately $6.8 billion for the fiscal year ending December 31, 2024. This exploration delves into the evolution of ICL Group's ownership, from its government origins through privatization to its current shareholder base, highlighting how these changes have influenced its governance and strategy.

The journey of Israel Corporation's ownership is a fascinating narrative of national resource development evolving into a global enterprise. Initially founded to leverage Israel's rich mineral deposits, particularly from the Dead Sea, the company's path to its current structure involved significant shifts in control and investment. Discovering who holds the largest stakes and influences decision-making provides critical insight into the company's future trajectory. Examining the history of Israel Corporation ownership reveals a complex interplay of state interests, private capital, and institutional investors, ultimately shaping who controls this significant industrial entity. Understanding the Israel Corporation shareholders is vital for anyone interested in the company's market position and strategic direction. The company's diverse portfolio, including products like those analyzed in the Israel Corporation BCG Matrix, reflects its broad operational scope.

The history of Israel Corporation's ownership is marked by its transition from a government-backed initiative to a publicly traded company. Initially, the Israeli government held a significant stake, reflecting the strategic importance of harnessing the nation's mineral resources. Over time, a process of privatization led to a broader distribution of ownership. Today, while the company is publicly traded, a substantial controlling interest remains with a primary shareholder, influencing the overall Israel Corporation ownership structure. This concentration of ownership means that understanding the largest Israel Corporation major shareholders is crucial for comprehending who controls Israel Corporation's voting rights. The question of whether Israel Corporation is publicly or privately held is answered by its status as a publicly traded entity, yet the influence of its controlling interest is undeniable. Identifying the key individuals behind Israel Corporation's ownership and the institutional investors in Israel Corporation provides a clearer picture of its governance. Furthermore, examining who invested in Israel Corporation initially sheds light on its foundational support and early development. The beneficial owners of Israel Corporation are a key aspect of its corporate governance, and understanding the percentage of Israel Corporation owned by its founders, if applicable, offers historical context. The presence of minority shareholders also contributes to the overall ownership landscape, and determining how to find out who owns shares in Israel Corporation is a common inquiry for investors.

Israel Corporation, the entity that eventually held controlling interest in ICL Group, was established in 1968. Its founding was a joint effort between the Government of Israel and Shaul Eisenberg, a foreign investor. The primary objective behind its creation was to attract foreign capital and foster economic growth within the nation. Early stakeholders reportedly enjoyed substantial tax advantages for a period of 30 years.

Simultaneously, ICL Group itself was also formed in 1968 as a state-owned enterprise, building on prior mineral extraction activities. The origins of ICL can be traced back to the early 20th century with the pioneering work of Moshe Novomeysky, who began mining potash from the Dead Sea, leading to the establishment of Dead Sea Works Ltd.

In 1975, a significant consolidation occurred within ICL, integrating several other state-owned companies. These included Dead Sea Works, components of Rotem Amfert Negev, Bromine Compounds, and TAMI, which served as ICL's research division. This consolidation unified various mineral extraction and chemical production operations under a single, state-controlled entity. The Israeli government retained complete ownership until 1992, when the privatization process commenced with the listing of ICL's shares on the Tel Aviv Stock Exchange (TASE). During this initial public offering and subsequent share offerings, a 'Special State Share' was issued to the State of Israel. This special share was designed to safeguard crucial national interests by granting veto powers over significant corporate decisions, such as voluntary liquidation or substantial changes to the company's structure or control.

By 1995, the State of Israel had concluded its divestment of its controlling stake in ICL. Approximately 24.9% of the company's equity was sold to Israel Corporation, which was then under the control of the Eisenberg family. The government continued to offload its remaining shares, completing its divestment from ICL by the year 2000. This transition marked a fundamental shift from direct state management to a structure where a private holding company, initially Israel Corporation controlled by the Eisenberg family, became the dominant shareholder, significantly altering the Israel Corporation ownership landscape.

Government and Foreign Investor Collaboration

Israel Corporation was founded in 1968 through a partnership between the Israeli government and foreign investor Shaul Eisenberg. This collaboration aimed to boost foreign investment and stimulate economic development.

ICL Group's State-Owned Origins

ICL Group was also established in 1968 as a government-owned company. Its roots extend to Moshe Novomeysky's early 20th-century potash mining efforts at the Dead Sea.

ICL Consolidation in 1975

In 1975, ICL underwent a significant consolidation, absorbing several other state-owned entities. This brought together various mineral extraction and chemical production capabilities under one umbrella.

Privatization and Special State Share

The Israeli government began privatizing ICL in 1992 with an IPO. A 'Special State Share' was issued to protect national interests, granting veto powers over critical decisions.

Divestment and Shift in Ownership

By 1995, the government sold about 24.9% of ICL's equity to Israel Corporation. Full divestment was completed by 2000, transferring dominant shareholder status to Israel Corporation.

Eisenberg Family's Initial Control

Initially, Israel Corporation was controlled by the Eisenberg family. This private holding company became the primary shareholder after the government's divestment process.

Evolution of Israel Corporation Ownership

The journey of Israel Corporation's ownership reflects a significant transition from state control to private majority ownership. This evolution is a key aspect of understanding who owns Israel Corporation today and its historical Israel Corporation shareholders.

• Founding in 1968 by the Government of Israel and Shaul Eisenberg.
• ICL Group's establishment as a state-owned entity in 1968.
• Consolidation of state-owned mineral and chemical companies into ICL in 1975.
• Initiation of privatization with a TASE listing in 1992.
• Introduction of a 'Special State Share' to protect national interests.
• Divestment of government's controlling interest to Israel Corporation by 1995.
• Full government divestment completed by 2000.
• Shift to Israel Corporation, initially controlled by the Eisenberg family, as the dominant shareholder.

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The ownership journey of ICL Group, formerly under state control, saw a significant transformation with its privatization. A key turning point in its ownership evolution was the 1999 acquisition of Israel Corporation by the Ofer Group. This event marked a substantial shift, consolidating the Ofer family's influence over the company that held control of ICL.

Israel Corporation Ltd. (TASE: ILCO) continues to be the primary entity influencing ICL Group's direction. As of December 31, 2024, Israel Corporation maintained a controlling stake in ICL, holding approximately 43.13% of its outstanding ordinary shares and around 43.95% of its voting rights. This substantial holding underscores Israel Corporation's position as the dominant shareholder.

The ultimate control of Israel Corporation, and by extension ICL Group, rests with entities linked to Mr. Idan Ofer. This control is exercised through a series of holdings, including Millennium, which is wholly owned by Mashat (Investments) Ltd., ultimately owned by Ansonia Holdings Singapore B.V. Ansonia Holdings Singapore B.V. is itself wholly owned by a discretionary trust where Mr. Idan Ofer is the beneficiary. Similarly, Lynav Holdings Ltd., also controlled by a discretionary trust with Mr. Idan Ofer as the beneficiary, further solidifies this concentrated ownership. This intricate structure highlights the significant influence Mr. Idan Ofer wields over the company's strategic decisions.

Institutional Investors in ICL Group

Beyond the controlling interest, ICL Group benefits from a broad base of institutional investors. These entities play a crucial role in the company's shareholder composition and market presence.

• As of July 15, 2025, 409 institutional owners collectively held 220,356,368 shares.
• Key institutional shareholders include Meitav Dash Investments Ltd., Vanguard Group Inc., Phoenix Holdings Ltd., Clal Insurance Enterprises Holdings Ltd., and Y.D. More Investments Ltd.
• Institutional ownership represented approximately 23.06% of the company as of July 17, 2025.
• Approximately 70% of ICL's shares are held by the public, encompassing these institutional investors and individual shareholders.
• These ownership dynamics have influenced ICL's strategic focus, driving a push towards global expansion and a pivot to specialty products, differentiating it from competitors focused on commodities. Understanding the Marketing Strategy of Israel Corporation can provide further context on how these ownership shifts impact business operations.

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The Board of Directors of ICL Group is instrumental in the company's governance, with its makeup significantly influenced by its controlling shareholder, Israel Corporation. For the 2025 Annual General Meeting, key individuals nominated for re-election to the board include Yoav Doppelt, Aviad Kaufman, Avisar Paz, Sagi Kabla, Reem Aminoach, Lior Reitblatt, Tzipi Ozer Armon, Gadi Lesin, Michal Silverberg, and Shalom Shlomo. Yoav Doppelt currently holds the position of Executive Chairman of ICL's Board of Directors.

The dynamic between the Board and the controlling shareholder is a crucial aspect of ICL's corporate structure. Several directors, including Yoav Doppelt, Aviad Kaufman, Sagi Kabla, and Avisar Paz, are not classified as independent under the Israeli Companies Law and NYSE regulations. This designation stems from their existing or prior affiliations with Israel Corporation, the controlling shareholder, or with ICL itself. It's important to note that Israeli law mandates that publicly traded companies like ICL must have a minimum of two 'external directors.' These directors are required to be entirely independent and have no affiliations with the company or its controlling shareholder, ensuring a degree of oversight.

While the standard voting power for ICL's ordinary shares follows a one-share-one-vote principle, Israel Corporation's substantial stake, representing approximately 43.13% of ICL's outstanding shares as of December 31, 2024, grants it decisive influence at the company's general meetings. This allows Israel Corporation to effectively nominate directors, excluding the external ones, and significantly shape the overall composition of ICL's Board. Beyond this, the State of Israel holds a unique 'Special State Share.' This special share confers specific veto rights over critical corporate actions, such as voluntary liquidation, alterations to the company's structure, or mergers, with certain exceptions. It also covers any share transfers that would result in another entity controlling more than 25% of the voting rights. This 'golden share' mechanism is in place to safeguard vital national interests, even in a fully privatized environment.

Understanding Israel Corporation's Influence

Israel Corporation's significant ownership stake in ICL Group translates into considerable control over the company's strategic direction and board composition. This concentration of power is a key factor in understanding the ownership structure of ICL Group.

• Israel Corporation holds a 43.13% stake as of December 31, 2024.
• This stake grants Israel Corporation decisive influence at general meetings.
• Israel Corporation can effectively appoint most directors, excluding external ones.
• The State of Israel retains a 'Special State Share' with specific veto rights.
• This structure impacts how decisions are made and who controls ICL's voting rights.

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Over the past three to five years, ICL Group has navigated a period of significant strategic evolution and financial performance, alongside notable shifts in its leadership and ownership landscape. The company's financial health for the fiscal year ending December 31, 2024, was robust, with consolidated annual sales reaching approximately $6.8 billion. A substantial portion, 70%, of this revenue was generated by its specialty-driven businesses, contributing to an adjusted EBITDA of $1.5 billion. Net income for the same period stood at $407 million, underscoring the company's profitability. ICL also demonstrated a strong commitment to cash generation, reporting free cash flow of $758 million for the full year 2024.

Leadership transitions are a key aspect of these recent developments. Elad Aharonson assumed the role of ICL's new President and Chief Executive Officer on March 13, 2025, succeeding Raviv Zoller. This change is intended to reinforce ICL's strategic direction, which prioritizes expanding its specialty product portfolio and fostering continued growth. In line with this strategy, ICL made significant acquisitions, including Custom Ag Formulators (CAF), a North American provider of customized agricultural products, in July 2024. Further expanding its reach, ICL completed the acquisition of Lavie Bio's activities from Evogene in July 2025.

From the perspective of its controlling shareholder, Israel Corporation, recent activities include a strategic investment of approximately $116 million in Prodalim Investments Ltd., a private Israeli company focused on natural solutions. This investment, finalized on March 5, 2025, secured a 27.5% stake for Israel Corporation. In terms of shareholder returns, ICL declared a dividend of 4.03 cents per share for the fourth quarter of 2024, which was paid on March 25, 2025. Cumulatively, for the entirety of 2024, ICL distributed $242 million in dividends, adhering to its policy of distributing up to 50% of its adjusted net income.

Leadership Transition and Strategic Focus

Elad Aharonson's appointment as CEO in March 2025 signals a continued emphasis on expanding ICL's specialty products. This strategic pivot aims to drive future growth and enhance market positioning.

Acquisition Strategy

The acquisitions of Custom Ag Formulators in July 2024 and Lavie Bio's activities in July 2025 demonstrate ICL's commitment to inorganic growth. These moves are designed to bolster its portfolio in key agricultural and industrial sectors.

Shareholder Value and Investment

ICL's dividend distribution policy, including the Q4 2024 payout, reflects a commitment to returning value to shareholders. The investment by Israel Corporation in Prodalim Investments Ltd. highlights strategic capital allocation.

Ownership Trends and Governance

Institutional ownership of ICL shares is on the rise, with 409 institutional owners as of July 15, 2025. The company is also proactively addressing governance, aiming for 45% female representation on its Board of Directors by the end of 2028, up from 33% in July 2025.

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