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, a market source in Tel Aviv said on Tuesday.
The Tel Aviv IPO will likely include new shares equal to 10
percent of Tnuva and another 15 percent now held by Apax
Partners, the British private equity fund that is
Tnuva's biggest shareholder, according to the source, who asked
not to be named. Apax controls 56 percent of Tnuva.
The source confirmed the details, which were reported
earlier by TheMarker financial newspaper.
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, the source
Spokeswomen for Tnuva and Apax declined to comment on the