June 11--Yitzhak Tshuva took the opportunity of the peak price of Delek Group Ltd. (TASE: DLEKG) to sell 0.75% of company for NIS 125 million to Bank Hapoalim (TASE: POLI), which originally financed his acquisition of the company in 1998. Bank Hapoalim bought the shares in an off-floor transaction as part of the routine management of its nostro money.
IBI Investment House Ltd. (TASE:IBI) brokered the deal.
Bank Hapoalim bought the shares at NIS 1,440.50 per share, 2% less than today's opening price, giving a market cap of over NIS 17 billion. Delek Group's share price has risen 50% in the past 12 months. The sale has no material effect on Tshuva's 62% holding in Delek Group, worth NIS 10.7 billion.
Delek Group has completed a number of sales, in order to focus on its Israeli oil and gas exploration business. Last month, it sold another large block of shares in Delek US Holdings Inc. (NYSE:DK) for NIS 950 million, bringing the total sales to over NIS 4 billion within two years. It also sold its controlling interest in US insurer Republic Companies Group Inc. for $121 million, and it sold Delek Europe BV to TDR Capital LLP for euro355 million, net of debt, earlier this month.
(c)2014 the Globes (Tel Aviv, Israel)
Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp?fid=942
Distributed by MCT Information Services