Tshuva asks €800m for Delek Europe

Delek Group has hired Bank of America to find buyers.

Yitzhak Tshuva, the controlling shareholder of Delek Group Ltd. (TASE: DLEKG), has put up subsidiary (80%) Delek Europe BV up for sale. Sources close to the matter say that he has hired Bank of America to find buyers for Delek Europe for €800 million.

Delek Europe was founded in 2007, and subsequently made two big acquisitions: the operations of Chevron Corporation (NYSE: CVX) in Belgium, the Netherlands, and Luxembourg; and the operations of BP plc (LSE; NYSE: BP) in France in 2010. BP France's operations included hundreds of fuel stations and convenience stores, and holdings in three fuel storage and marketing terminals.

Delek Europe posted a net profit of NIS 27 million on NIS 3.77 billion revenue for the third quarter of 2012. Delek Group has not yet published its financial statements for the fourth quarter.

In a notice to the TASE, Delek Group confirmed the talks, saying, "The company believes that, as part of the review for a sale, third parties will submit offers to acquire the operations in Europe, and it will examine the options for opening negotiations with the bidders, or some of them."

Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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