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IDB stocks plunge after Adama pulls offering

Discount Investment and IDB Development are sharply down in an otherwise stable market.

 (R-L) Eduardo Elsztain and Moti Ben-Moshe

Following the cancellation by Adama Holding Ltd. (TASE:ADMA.B1) of its planed equity offering in New York on Thursday, shares in Discount Investment, which holds 40% of agri-chemicals company Adama, and Discount Investment’s parent company IDB Development have plunged further on the Tel Aviv Stock Exchange. The two companies’ shares prices started to slide on Friday, when it became apparent that the Adama offering, in which the company planned to raise $376-423 million, would be cancelled because of low demand from US institutions. Discount Investment’s share price is currently down 21.41%, and IDB Development is off 15.78%. The IDB group is controlled by Eduardo Elsztain and Moti Ben-Moshe.

Stocks in general are fairly flat in Tel Aviv this morning. Teva, Tower Semiconductor, Can-Fite Biopharma, Silicom, Photomedex and Compugen are up on the back of positive arbitrage gaps. Osem, which reported third quarter results this morning, is up 1.06%.

The big two banks, Hapoalim and Leumi, are due to release their third quarter results tomorrow. Leumi is flat, while Hapoalim is down slightly.

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

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