Achievement for Teshuva: Sold 70% of “Delek” at a value of...


This year has been difficult for the Israeli economy and the world economies, but for Teshuva it has been even more difficult. The Delek share was almost wiped out when it completed a 87% drop in value, with the steep drop in energy prices as a result of the Corona crisis. But the controlling owner, Yitzhak Tshuva, knows how to fight and is far from giving up.

On Tuesday, he surprised with the quick sale of Delek Israel, after long weeks of negotiations that for a moment seemed to be about to be signed with a group together with Rami Levy Sycamore Marketing, which was mainly interested in the convenience stores of Mint. But religious figures have sent threats to him that if he completes the purchase and becomes a partner in stores that are open on Saturday, they will respond by boycotting them.

Sources in the company say that they do not rule out the entry of Rami Levy into the group of buyers later on, since buyers have an option for four months to purchase another 3.5% of the company, if they manage to bring in another partner.

On Thursday night, after it became clear that the Arbel Fund would not be able to obtain the approvals from the bondholders before the 15th of the month, the group’s CEO, Idan Wells, returned to quick negotiations with a group that includes Lahav El. R, controlled by Avi Levy, Eli Lahav, Ilik Rozensky and Uri Mansour, who together acquired 70% of the company at a value of NIS 750 million, after Delek Israel distributed a dividend of NIS 150 million. The negotiations were signed in the synagogue of one of the partners – Uri Mansour, just before Shabbat began.

The company will now be able to repay a debt of NIS 342 million to the banks, be freed from liens and be able to carry out the long-awaited move – securitization of “Delek Drilling” which will bring in NIS 630 million ($ 180 million) – a move it should complete in the next two weeks. Tshuva has already sold assets worth NIS 3 billion and raised another NIS 313 million in the last eight months, under impossible market conditions. Delek Israel owns hundreds of gas stations and convenience stores at some of the stations, as well as a transportation company, oil production and more. In fact, this deal is better than the yield deal that was supposed to be signed with Arbel and also at a higher price.

According to the competition commissioner, Delek Drilling must dispose of its 25% holdings in the Tamar reservoir by the end of next year and remain in its holdings in the Levitan reservoir (45.33%). The commissioner also ordered Delek to remove its veto right from the Tamar reservoir right now – and it recently announced the removal of this right. However, it continues to act, along with Chevron (formerly Noble Energy) to thwart the agreement with the electric company signed over their heads, along with the other partners in the reservoir – an agreement they claim is contrary to the agreements with them.

Returned to the center of the economy stage

Even in the previous great global crisis, in 2008, Tshuva’s business ran into difficulties that threatened to collapse the economic empire it built, but then its business was saved due to the discoveries of natural gas, which returned it to the center stage of the Israeli economy. Following the recent moves, the group’s bonds are expected to make a significant correction, as they were issued as unsecured and will now be secured and it seems that the group can meet its obligations in the coming months. The conventions.


Source link by https://www.israelhayom.co.il/article/810889

*The article has been translated based on the content of Source link by https://www.israelhayom.co.il/article/810889
. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!

These were the details of the news Achievement for Teshuva: Sold 70% of “Delek” at a value of... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at news1.news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Israeli Prime Minister: I hope the Lebanese and Iraqis get rid...
NEXT Video.. Egyptian plane tires explode while landing in Romania