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UPDATE 1-Israeli food maker Tnuva to file for Tel Aviv IPO -source
March 18, 2014 / 12:20 PM / in 4 years

UPDATE 1-Israeli food maker Tnuva to file for Tel Aviv IPO -source

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, 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 told Reuters.

Spokeswomen for Tnuva and Apax declined to comment on the report.

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