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Israel's Delek sells 3.7 pct of Delek US Holdings for $57 mln
November 20, 2012 / 9:00 AM / 5 years ago

Israel's Delek sells 3.7 pct of Delek US Holdings for $57 mln

TEL AVIV, Nov 20 (Reuters) - Israel’s Delek Petroleum sold a 3.7 percent stake in U.S. subsidiary Delek US Holdings Inc for $57 million to a foreign financial institution, the company said on Tuesday.

Delek sold 2.2 million shares in the U.S. oil refiner for $25.85 a share after Monday’s close of trade in New York, the company said in a statement. Delek US shares closed up 1.5 percent at $26.01 on Monday.

Following the deal Delek Petroleum, a subsidiary of Israeli energy and insurance conglomerate Delek Group, still holds 53 percent of Delek US.

Delek Petroleum will book a pretax accounting gain of 104 million shekels ($26.5 million) from the sale that will be reflected in the fourth quarter as an increase in its shareholders’ equity.

In September it sold a 5.05 percent stake in Delek US Holdings for $76 million.

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