Shikun & Binui bids to buy control of Paz

Paz Photo: Eli Yahav
Paz Photo: Eli Yahav

Shikun & Binui today sent a letter to Paz chairman Harel Locker offering to merge its subsidiary Shikun & Binui Energy into Paz.

Shikun & Binui Holdings Ltd. (TASE: SKBN) has joined the fray in the struggle to buy control of Paz Oil Company Ltd. (TASE:PZOL). Shikun & Binui today sent a letter to Paz chairman Harel Locker offering to merge its subsidiary Shikun & Binui Energy into Paz in exchange for 58% of the shares of Paz.

Paz is traded on the Tel Aviv Stock Exchange (TASE) with a market cap of NIS 4 billion so the offer reflects a valuation of NIS 5.5 billion for Shikun & Binui Energy. Shikun & Binui said that Paz's strategy would integrate well with the assets, capabilities and knowhow of Shikun & Binui Energy. Shikun & Binui added that acceptance of its offer would represent the rapid and almost immediate implementation of the board's plans.

Published by Globes, Israel business news - en.globes.co.il - on May 18, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Paz Photo: Eli Yahav
Paz Photo: Eli Yahav
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