Shlomo Holdings calls off deal to buy Sonol from Azrieli Group

TEL AVIV, July 9 Wed Jul 9, 2014 6:34am EDT

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TEL AVIV, July 9 (Reuters) - Israeli real estate developer Azrieli Group said on Wednesday that Shlomo Holdings Ltd called off a deal to buy Sonol Israel due to the sudden death of Shlomo's chairman and controlling shareholder, Shlomo Shmeltzer.

Last month Shlomo Holdings signed a memorandum of understanding to buy Sonol for 450 million Israeli shekels ($131 million).

Sonol, which is fully owned by Azrieli subsidiary Granite HaCarmel, distributes refined petroleum products and operates a nationwide chain of service stations.

Azrieli has numerous other investments in Israel, including several shopping malls. Its own controlling shareholder, David Azrieli, passed away on Wednesday at the age of 92 in his home north of Montreal.

Azrieli Group has recently signed memorandums of understandings to sell a desalination plant for 430 million shekels and paint maker Tambour to Singapore-based holding company Kusto Group for 500 million shekels. ($1 = 3.4349 Israeli Shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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