The approval was originally granted at the end of August but has not yet been officially announced.
Sources inform ''Globes'' that Antitrust Authority director general Ronit Kan has approved Oil Refineries Ltd.'s (TASE:ORL) takeover of Carmel Olefins Ltd. from its equal partner in the company, Israel Petrochemical Enterprises Ltd. (TASE:PTCH). The buyout reflects a company value of NIS 2.5 billion for Carmel Olefins. Kan approved the merger at the end of August but an official announcement has not yet been made.
With regulatory approval now secure, the companies, whose boards have already given the merger the green light, are now waiting for Israel Petrochemicals to obtain a permit from the government for its controlling stake in Oil Refineries.
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008