TEL AVIV, March 18 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.