Delek Auto: Gil Agmon is in talks to acquire a stake in the company for NIS 1 billion.
Delek Automotive Systems Ltd. (TASE: DLEA) CEO Gil Agmon is in talks to substantially increase his stake in the Ford and Mazda importer, controlled by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva.
Agmon, who currently owns 16.38% of Delek Auto, is in talks to buy an additional 22% of the company for NIS 1 billion from Delek Group unit Delek Investments and Properties Ltd. The negotiations give Delek Auto a company value of NIS 4.5 billion.
Delek Auto's share price rose 2.6% in morning trading to NIS 42.92, giving a market cap of NIS 3.81 billion.
Delek Auto said that, assuming a deal is closed, Delek Investments will own 33% of the company, and Agmon will own 38%. Delek Investments currently owns 54.8% of the company.
Published by Globes [online], Israel business news - www.globes-online.com - on September 5, 2010
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