Bank Leumi is selling 2.5 million Kenon shares at NIS 45 per share, 6% below the market price.
Bank Leumi (TASE: LUMI) is selling some of its holdings in Kenon Holdings Ltd (TASE:KEN: NYSE: KEN-WI), controlled by Idan Ofer, for NIS 112.5 million, at NIS 45 per share. This price is 6% below today's market price. The Kenon share price is down 1% in Tel Aviv Stock Exchange (TASE) trading today in a sharp intraday turnaround, after having been up 2%.
The purchaser of the shares is Idan Ofer-controlled Ansonia Holdings, which holds 53% of Kenon, meaning that Ofer is in effect increasing his stake in Kenon. His Kenon holdings will rise to 58% following the deal. Bank Leumi is taking advantage of the recent rises in the Kenon share price.
Bank Leumi is selling 2.5 million Kenon's shares, 4.6% of the company's issued share capital, in an off-floor transaction, leaving it with 1.23 million Kenon shares amounting to 2.3% of Kenon's share capital. Bank Leumi notes that the deal is not expected to have a significant impact on its financial results.
Published by Globes [online], Israel Business News - www.globes-online.com - on January 25, 2017
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Idan Ofer