Strauss Group Ltd. (TASE:STRS) has signed an agreement to acquire Tana Industries Ltd., which operates under the Tami4 label, in full for NIS 291 million.
In a hastily convened press conference in Strauss' Petach Tikvah headquarters this morning, the food company revealed its water strategy. Strauss plans setting up a new subsidiary called Strauss Water Ltd. headed by Rami Ronen. The new subsidiary will hold 51% of H2Q, currently held by Strauss Group itself, and Tami4.
Strauss Group will then merge its two water subsidiaries Strauss Water and H2Q and hold 90% of the merged company.
However, the company's partners in H2Q Water Industries Ltd. reportedly oppose dilution of their 49% holding in the Strauss controlled subsidiary to just 10%. These shareholders have reportedly approached investors to help them finance the acquisition of Tana Industries themselves so that they can maintain their 49% holding in H2Q.
The shareholders are Baruch Berliner (49%), H2Q VP development Haim Wilder (8.34%), Dr. Ehud Ruppman (6.83%), Gold Communications (5.6%), Re International (4.9%), Israel Hirschfeld (4.2%), Prof. Avraham Domb (4%), Parviz Communications ((2%), Rafi Cohen (1.7%), Hebrew University of Jerusalem's Yissum Technologies (1%)), Adv. Yossi Gross (0.76%) and Beni Brama (0.2%).
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2009
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