Tshuva seeks to delist Delek Israel

Delek Group is offering NIS 92 per share, 10% above today's opening price, and Delek Israel's share price rose 10% in response.

Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG) has submitted an offer to purchase 2,586,866 shares in subsidiary Delek Israel Fuel Corporation Ltd. (TASE: DLKIS) - 22.7% of the company - and delist the company from the TASE. Delek Group is offering NIS 92 per share, 10% above today's opening price. The offer to purchase totals NIS 238 million altogether.

Delek Group owns 8,761,774 share in Delek Israel - 77.21% of the company - through Delek Petroleum Ltd. (TASE: DLKP.B7; DLKP.B8). Institutional investors own 6.79% of Delek Israel and the public owns 14.8%.

The deadline for the offer to purchase is July 27.

Delek Petroleum incorporates Delek's fuel operations through Delek Israel, Delek US Holdings Inc. (NYSE:DK), and Delek Europe Holdings Ltd.

In separate notices to the TASE, Delek said Delek Europe has submitted a non-binding bid of €200 million in a tender for the acquisition of 180 fuel stations and aviation fuel terminals in Western Europe. Delek also reported a fair market valuation of €312.8 million for Delek Europe subsidiary Delek Benelux BV, which owns and operates Texaco gas stations and convenience stores in Belgium, the Netherlands, and Luxembourg. The valuation was prepared by Kesselman Finance Ltd.

Tshuva also plans to delist Delek Energy Systems Ltd. (TASE: DLEN), which incorporates Delek's oil and gas exploration operations.

Delek Group's share price rose 0.1% in morning trading to NIS 747., giving a market cap of NIS 8.5 billion, and Delek Israel's share price rose 10% to NIS 91.88, giving a market cap of NIS 1 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on July 13, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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