Yitzhak Tshuva in Talks to Sell Delek Europe for €800 Million

 A UK fund is in advanced talks to buy Delek’s fuel operations in France and Benelux.

Yitzhak Tshuva

Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva is in advanced talks to sell Delek Europe to a UK fund. “Globes” reported in February 2013 that Tshuva had put the 80%-owned subsidiary up for sale and was asking €800 million. Delek is expected to report the latest talks to the Tel Aviv Stock Exchange this morning.

If the talks come to fruition at the price Tshuva is asking it will inject cash flow of about €400 million into Delek Group. Former Delek Europe chairman Hod Gibso is involved in the negotiations. He attempted to buy Delek Europe last year through Texas Pacific Group (TPG) Capital and after failing in those talks he has switched his association to another investment fund based in Britain.

Delek Europe was established in 2007, and subsequently made two big acquisitions: the operations of Chevron Corporation (NYSE: CVX) in Belgium, the Netherlands, and Luxembourg; and the operations of BP plc (LSE; NYSE: BP) in France in 2010. BP France’s operations included hundreds of fuel stations and convenience stores, and holdings in three fuel storage and marketing terminals.

Published by Globes [online], Israel business news – www.globes-online.com 

Read more about: , , , , , , , ,

Wordpress site Developed by Fixing WordPress Problems