bank hapoalim 88 298.
(photo credit: Ariel Jerozolimski)
Strauss Coffee buys Russia’s Le Café • By YAEL GRUNTMAN
Strauss Group Ltd.
subsidiary Strauss Coffee BV has acquired the Le Café label, sold in Russia and
CIS countries, for $37 million. Le Café also sells non-branded instant coffee in
Russia and CIS countries. Le Café had $16m. in sales in January-September 2010,
compared with $23m. in all of 2009.
Strauss Coffee also acquired 51
percent of Le Café’s shares for $6m. Le Café owns buildings, warehouses and
other real-estate properties, which will serve as Strauss Coffee’s logistics
center in Russia and for the construction of a coffee-products factory. Strauss
Coffee will invest an additional $6m. in 2011-12 in the
“This acquisition is another step in the company’s growth
strategy in Russia,” Strauss CEO Gadi Lessin said. “The company’s business in
Russia has grown over the past four years, due to acquisitions and organic
growth that has turned Strauss Coffee Russia from a $20 million company at the
end of 2007 to a $160 million company following the latest
acquisition.”Viola invests $27m. in Degania Silicone
• By TALI TSIPORI
Viola Private Equity has invested in Degania Silicone Ltd., a manufacturer of
high-quality silicone products, controlled by Kibbutz Degania B. The investment
was the latest in a series of deals for kibbutz companies, following the sale of
Shamir Optical Industries Ltd. to France’s Essilor International S.A. Viola
acquired 40 percent of Degania Silicone for $27 million, giving a company value
of $68m. (NIS 243m.), after money. Most of the shares were bought from Kibbutz
Degania B, which will report a large capital gain, and will own 36% of the
company after the sale.
Kibbutz Degania B has a population of 510: 220
members, 70 children, with the rest soldiers and residents and their children.
Degania Silicone is the kibbutz’s most important factory, alongside Degania
Sprayers Company Ltd., a manufacturer of agricultural and industrial sprayers,
and Deganit B&B. Other shareholders in Degania Silicone after Viola’s
investment include 20% held by IGI, a private-equity unit of BRM Capital, and
Degania Silicone managing director Amos Nahir, with 4%.
Adabank bid rejected
• By ERAN PEER
Bank Hapoalim’s attempt to solve the problem
of its Turkish subsidiary BankPozitif Credi Ve Kalkinma Bankasi AS’s lack of a
deposit permit has failed. Turkey’s Savings Deposit Insurance Fund (TMSF)
canceled the tender for Adabank after the sole bid by Bank Hapoalim, $42
million, was declared too low. TMSF set a $90m. target price for Adabank,
reflecting a return on equity of 2.5 for the bank.
Bank Hapoalim’s bid
reflected a return on equity of 1.2.
Bank Hapoalim wanted to acquire
Adabank, a small bank that was nationalized seven years ago, because it has
deposits from the public permit. Bank Hapoalim planned to merge it with
BankPozitif, which can only expand by increasing its equity basis because it
lacks deposits from the public permit. As a result, BankPozitif is stagnating
and its return on equity is low. Acquiring a bank such as Adabank, which has a
deposits from the public permit, would solve this problem. Bank Hapoalim
acquired the 69.8 percent controlling interest in BankPozitif four years
ago.Gasoline prices to rise again
• Globes correspondent
price of gasoline, controlled by the government, will rise again, according to
the fuel prices for December announced Sunday by the National Infrastructures
Ministry. At midnight Tuesday, the price of self-service unleaded 95-octane
gasoline will rise 1.36 percent to NIS 6.71 per liter from NIS 6.62. The price
of gasoline in Eilat (which is VAT-free) will rise to NIS 5.80 per
The National Infrastructures Ministry said the price hike is due
to $0.01 per liter (2.52%) rise of CIF La Vera trade prices for fuels in the
Mediterranean basin. In addition, the shekel-dollar exchange rate rose 0.88% in
Taken together, the price of gasoline rose 3.4%, or NIS 0.09
per liter, in November. The full-service fee at gas stations will remain
unchanged at NIS 0.13 per liter.Africa-Israel Investments rises 6.5%
TA-25 Index was little changed on Sunday, declining less than 0.1 percent to
1,262.18 at the 4:30 p.m.
close in Tel Aviv. Investors traded about NIS
1.08 billion in shares and convertible securities.
Investments, Lev Leviev’s holding company, increased 6.5% after it posted
third-quarter net income of NIS 651,000, compared with a loss of NIS 348 million
in the same period last year.
Teva Pharmaceutical Industries rose 1.7%
after Europe’s drug regulator set out guidelines for copying some of the most
expensive biotechnology medicines, giving companies such as Teva access to a
Zerah Oil & Gas Exploration advanced 1.3% after it
received approval for extending its Zurim drilling license until the end of
2011. • Bloomberg