Hapoalim in talks to buy 15% of Delek Real Estate

Bank Hapoalim is in negotiations to buy 15 percent of Delek Real Estate, the two companies said in a joint statement Thursday.

By AVI KRAWITZ
October 20, 2005 05:47
1 minute read.

Bank Hapoalim is in negotiations to buy 15 percent of Delek Real Estate, the two companies said in a joint statement Thursday. At the same time, Delek Real Estate confirmed reports that it is in talks to buy a 13.1% stake in Industrial Buildings Ltd. from Bank Hapoalim. The statement came in response to a report in the Hebrew press Thursday morning, which said the company was asking approximately $70 million from Hapoalim for the stake, almost one-fifth more than its market value. On news of the negotiations, Delek Real Estate shares rose 2.2% to NIS 18.54, while shares in Hapoalim dropped 3% to NIS 17.36 at the close of trade in Tel Aviv. Delek Real Estate is 91% held by Yitzhak Tshuva's Delek Group. Through its 87.5% interest in Dankner Investments and full control of Delek Belron International, the company owns and manages real estate investments in Israel, Europe and Canada.


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