Israeli food maker Tnuva to file for Tel Aviv IPO -newspaper

TEL AVIV, March 18 Tue Mar 18, 2014 6:31am EDT

TEL AVIV, March 18 (Reuters) - Tnuva, Israel's biggest food maker, is expected to file a prospectus with the Israel Securities Authority in the coming days for an initial public offering, TheMarker financial newspaper reported on Tuesday.

The Tel Aviv IPO will likely include new shares equal to 10 percent of Tnuva and another 15 percent held by Apax Partners , the British private equity fund that is Tnuva's biggest shareholder. Apax controls 56 percent of Tnuva.

The kibbutzim, or collective farms, that are also significant shareholders are still divided over whether they will sell their 23 percent stake in the company, TheMarker said.

The IPO comes as Apax continues talks to sell its stake in Tnuva to China's Bright Food Group Co, an option Apax prefers over an IPO, the newspaper said.

A spokeswoman for Tnuva declined to comment on the report. A spokeswoman for Apax was not immediately available for comment.

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