Israel's Delek sells 1.5 million Delek US shares for $42 million

August 18, 2013 13:00

Delek Petroleum, a unit of Delek Group, has sold 1.5 million shares in its subsidiary Delek US Holdings for $42 million to a foreign financial institution, the company said on Sunday.

Delek sold the 2.5 percent stake at $27.78 a share after the market closed on Thursday. Delek US shares fell 6.4 percent on Friday to $26.76.

As a result of the sale, Delek will cease to consolidate Delek US results in its financial statements as of the second quarter.

Delek will post an after-tax gain of 450 million shekels to 500 million shekels in the second quarter for the sale as well as for a revaluation of its remaining stake in Delek US.

Delek Group is a partner with Texas-based Noble Energy in Israel's largest natural gas discoveries.

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