Israel Corporation (TASEW: ILCO) has signed a non-binding memorandum of understanding (MOU) with Hagag Team Authentic Estate Enhancement Ltd. (TASE: HGG), managed by Yehuda Eido Hagag and Yitzhak Hagag, for the sale of 16.69% of the shares in Bazan (Oil Refineries) (TASE: ORL) at NIS 1.1 per share (NIS 600 million), topic to changes for a dividend. The MOU also states that if alternatives given to capable buyers to purchase the remaining 7.3% of the shares in Bazan that it owns are not exercised, Israel Company will give Hagag Group an possibility to acquire these shares inside 30 days of the day of expiry of the possibility offered to competent traders. The training selling price of this option will be the larger of 90% of the ordinary share rate of Bazan on the Tel Aviv Stock Exchange in the fifteen times up to the date of the expiry of the skilled investors’ solutions, and NIS .91 for each share.




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The sale of the shares, if it requires position, will be in accordance with Israel Corporation’s arrangement with Israel Petrochemical Enterprises (TASE: PTCH), which holds 15.46% of Bazan. Any sale arrangement attained involving Israel Corporation and Hagag Team will be topic to acceptance by the boards of directors of the two providers, and completion will be subject to Hagag Group getting a license to control Bazan as necessary by the Authorities Firms Ordinance, in just 4 months of the signing of a binding agreement (a interval extendable by two months).

The MOU has a no-shop clause providing Hagag Group 45 days in which to have out a because of diligence assessment.

Revealed by Globes, Israel organization news – en.globes.co.il – on March 20, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.