Azrieli to sell paint co Tambour

Azrieli Group unit Granite Hacarmel reportedly wants more than the company value of NIS 407 million for the paints manufacturer.

One year after Azrieli Group Ltd. (TASE: AZRG) unit Granite Hacarmel Investments Ltd. (TASE: GRNT) delisted Tambour Ltd., it wants to sell the paints manufacturer, sources inform "Globes." Market sources believe that several companies are in initial talks to buy Tambour.

The paints manufacturer has a company value of NIS 407 million but Azrieli is reportedly asking a higher price.

Granite Hacarmel declined to comment on the reports.

Azrieli is under no pressure to sell Tambour which has a strong brand name and no management problems. This makes it unlikely that a private equity fund will move for the company. Therefore, the belief is that the buyer will be in a related area that will be able to benefit from synergy.

Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2013

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

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