Pangaea Real Estate Ltd. (TASE:PNGD), controlled by Assaf Tuchmayer and Barak Rosen, is conducting a preliminary review toward a possible acquisition of the controlling interest in Azorim Investment, Development and Construction Ltd. (TASE: AZRM). Pangaea emphasized that this were only a preliminary review, and that, to the best of its knowledge, many other parties were also considering acquiring Azorim.
Azorim chairman Shaya Boymelgreen owns 63.8% of Azorim through Boymelgreen Capital Ltd. (TASE:BMGN). Mizrahi Tefahot Bank (TASE:MZTF) is Boymelgreen Capital's largest creditor, and is owed several hundred million shekels. The bank has liens on Azorim assets as collateral.
A few weeks ago, "Globes" reported that Shaya Boymelgreen was in talks to bring in businessman Yakir Sha'ashua into the financially troubled Boymelgreen.
Pangaea's share price fell 4.9% to NIS 1.25, reversing early gains following its notice to the TASE, giving a market price of NIS 183 million. Azorim's share price rose 5.4% to NIS 18.70, giving a market cap of NIS 620 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2010
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