Idan Ofer plans £2b London offering - report

The "Sunday Times" reports that Israel Corp. will spinoff Zim and other assets on the LSE, while Israel Chemicals will stay on the TASE.

The "Sunday Times" reports that Idan Ofer is planning to float activities which will be spun off from Israel Corporation (TASE: ILCO) on the London Stock Exchange in a £2 billion offering.

In mid-June, Israel Corp., controlled by Ofer Holdings Group, announced that it was considering splitting off the company. Israel Chemicals Ltd. (TASE: ICL) and Oil Refineries Ltd. (TASE:ORL) will remain on the Tel Aviv Stock Exchange (TASE). The new company will include Zim Integrated Shipping Services Ltd., specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), IC Power Ltd., and Qoros Auto Company Ltd., its joint venture with China's Chery Automobile Co. Ltd.

"Forbes" reports that Idan Ofer is Israel's wealthiest Israel, with a fortune of $6.5 billion, putting him at the 182nd place on the "Forbes" billionaires list.

Earlier this year, "Globes" revealed that Ofer was planning to move his family to London, and the "Sunday Times" reports today that he is rumored to be house hunting at One Hyde Park.

Published by Globes [online], Israel business news - - on July 7, 2013

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

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