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Israel Corporation Ltd Considers Separating Into Two Companies-Reuters

Wednesday, 26 Jun 2013 02:41am EDT 

Reuters reported that Israel Corporation Ltd, is considering splitting into two companies in a bid to attract a broader range of investors, including more specialists. If the separation is approved, shareholders of Israel Corp will also hold shares in the new company, it said in a statement. It estimated the separation process would be completed within six-twelve months. According to the move under consideration, Israel Corp will continue to hold fertiliser and speciality chemicals maker Israel Chemicals (ICL) and Oil Refineries. Upon completing this process, Israel Corp will refrain from making investments in new companies. Separating Israel Corp's holding in Oil Refineries will also be considered in the future, in which case Israel Corp would hold only ICL, the Company said. The companies IC Power, Qoros, shipping company Zim, chipmaker TowerJazz and IC Green would be held by a new company whose place of registration for trading would either be on an international exchange and/or the Tel Aviv Stock Exchange. Every shareholder in Israel Corp will receive a new share in the separated company alongside each existing share in Israel Corp, the Company said. Israel Corp is controlled by Israeli billionaire Idan Ofer. Carmaker Qoros is a joint venture between Israel Corp and Chery Automobile Co. 

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-3700.0 -2.62%
25 Jan 2015