A new player today expressed an interest in the tender for acquiring control of Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH): a private German company, Xtra Holding GmbH, which has energy, communications, commodities, insurance, billing, and tourism interests in the UK, the Netherlands, and Germany.
Xtra Holding announced that it would file with the court an offer to acquire IDB through its energy arm, Xtra Energy Corporation (Bulletin Board: XPTP), or through a special purpose company, on Sunday. Extra Holding chairman Motti Ben-Moshe is an Israeli.
"It should be emphasized that Xtra Holding is not a financial investor, and it does not have to organize an investor group. The company sees synergetic value in the current range of activities of IDB's portfolio companies with its core businesses around the world, and it intends to be involved in the companies' management and to improve them for the good of the various companies' customers, employees, and parties at interest," said Xtra Holding in a statement.
Xtra Holding added that its representatives in Israel have been in talks for months with various parties at interest in IDB Holding, including its executives, representatives, and private bondholders, and that it has decided to deposit $100 million in the trustee account.
Xtra Energy posted a profit of over €20 million on €1.08 billion revenue in 2012. In its financial reports, the company forecasts 50% revenue growth to €1.6 billion and 300% profit growth to €80 million in 2013.
Published by Globes [online], Israel business news - www.globes-online.com - on October 15, 2013
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