Astava's products supplement Hamlet's products line of valves and fittings.
Fittings manufacturer Ham-Let (Israel-Canada) Ltd. (TASE: HAML) has signed an memorandum of understanding (MOU) to acquire 75% of Dutch manifold manufacturer Astava BV for €3.15 million. Hamlet said that Astava's products supplement its products line of valves and fittings.
The parties intend to close the deal by May 15. Hamlet has a call option on the remaining 25% of Astava, which will be in effect for three months beginning two years after the deal is closed.
Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) indirectly owns 68% of Hamlet through Discount Investment Corporation (TASE: DISI) and Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). Hamlet's share was unchanged at NIS 24.29 in morning trading today, giving a market cap of NIS 335 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 14, 2010
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