Scailex will make the bid on behalf of its new owner Petrochemical Industries.
Israel Petrochemical Enterprises Ltd. (TASE:PTCH) is stepping up its plans for a possible bid for the controlling interest in Oil Refineries Haifa. Its new subsidiary, Scailex Corp. ltd. (OTCBB: SCIXF.OB) announced today that it joined forces with a foreign company, which it described as “one of the global leaders in natural resource management.”
Earlier this week Petrochemical Industries raised NIS 700 million in a bond issue. It has so far given no indication as how it will use the proceeds, although market sources believe they will be used in the company’s bid for the Haifa oil refinery.
Published by Globes [online], Israel business news - www.globes.co.il - on December 28, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006