Hagag Group set to buy Bazan stake from Israel Corporation
Israel Corporation (TASEW: ILCO) has signed a non-binding memorandum of comprehension (MOU) with Hagag Team Real 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 for every share (NIS 600 million), issue to changes for a dividend. The MOU also states that if options supplied to capable traders to obtain the remaining 7.3% of the shares in Bazan that it owns are not exercised, Israel Corporation will give Hagag Team an option to obtain these shares within just 30 times of the date of expiry of the option presented to certified traders. The training value of this solution will be the higher of 90% of the average share selling price of Bazan on the Tel Aviv Stock Exchange in the fifteen times up to the date of the expiry of the capable investors’ selections, and NIS .91 for every share.




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The sale of the shares, if it usually takes area, will be in accordance with Israel Corporation’s settlement with Israel Petrochemical Enterprises (TASE: PTCH), which retains 15.46% of Bazan. Any sale arrangement arrived at in between Israel Company and Hagag Team will be issue to acceptance by the boards of directors of the two providers, and completion will be topic to Hagag Group obtaining a license to control Bazan as demanded by the Authorities Companies Ordinance, within four months of the signing of a binding settlement (a period extendable by two months).

The MOU has a no-shop clause offering Hagag Group 45 times in which to carry out a due diligence assessment.

Published by Globes, Israel business enterprise information – en.globes.co.il – on March 20, 2022.

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


