The merger of the two US energy companies established by Israeli businesses came to fruition yesterday after three months of talks when Delek US Holdings Inc. (NYSE:DK) and Alon USA Energy Inc. (NYSE:ALJ) merged to form a company with a market cap of more than $2 billion. Both companies reported that they had signed an agreement to merge Alon USA into Delek US through an exchange of shares. As a result Alon USA's share price rose 11% and Delek US's share price was up 5%. The new company will be led by Delek US chairman and CEO Uzi Yamin while the board of directors will have one Alon USA representative. RELATED ARTICLES Delek US moves to buy Alon USA Delek US controls a 47.2% stake in Alon USA, which it acquired in May 2015 from Alon Israel Oil Co. Ltd. (Alon Group) for $565 million. Delek US will now buy the remaining stake by issuing 0.504 shares for every Alon USA share. Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
