Phoenix, which has a 9% stake in Shufersal, prefers to hold out right up until a new CEO is appointed and all strategic alternate options are examined.


Israel Phoenix Assurance Ltd. (TASE:PHOE1 PHOE5) is opposed to Delek Israel’s plans to merge with Shufersal Ltd. (TASE:SAE). Phoenix, which has a 9% stake in Shufersal, and is a person of the supermarket chain’s biggest shareholders, has published to the firm’s administration, inquiring them to suspend inspecting Delek Israel’s bid owing to anticipated new senior managerial appointments (CEO Itzik Abercohen recently resigned following a dispute with chairman Yaki Vadmani), and suitable strategic alternatives can be examined.




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On Tuesday, Delek Israel, controlled by Lahav LR Authentic Estate Ltd. (TASE: LAHAV) and Uri Mantzur, proposed a merger offer with Shufersal Ltd. (TASE:SAE), which is Israel’s premier supermarket chain, and which is traded at a industry cap of NIS 7.4 billion and has no managing main.

Delek Israel has presented a share swap deal in which it would acquire a 19.99% stake in Shufersal, which would make it the retail chain’s largest shareholder but not its managing shareholder. Lahav LR Actual Estate Ltd. has a 40% stake in Delek Israel, Uri Mantzur (35%), and Delek Team Ltd. (TASE:DLEKG) (25%).

Delek Israel operates 243 fuel station all around Israel and 203 Menta effortless merchants and Cup “O” Joe cafes. Past 12 months Lahav LR and Uri Mantzur bought command of Delek Israel and had submitted a prospectus for an IPO on the TASE at an believed company valuation of NIS 1.5 billion.

Published by Globes, Israel organization information – en.globes.co.il – on April 7, 2022.

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



Shufersal credit score: Eyal Izhar
