Deliver Your News to the World

Delek Group Sells an additional 3.7% of Delek US


WEBWIRE

Tel Aviv. Delek Group (TASE: DLEKG, OTCQX: DGRLY) (“the Company”) reported that following the close of trade at the New York Stock Exchange, the Company’s subsidiary, exercised a transaction outside of the stock exchange to sell a portion of its holding in Delek US Holdings Inc. (“Delek US”) to a foreign financial institution.

The transaction included the sale of 2,200,000 regular shares of Delek US that represents approximately 3.7% from the equity shares of Delek US for $25.85 a share and a total of approximately US$57million (approximately NIS 224 million).

Following the sale the Company, through its subsidiary, holds 31,536,432 shares in Delek US, representing approximately 53% from the equity shares of Delek US. The above mentioned sale reflects an accounting profit (before tax) of approximately NIS 104 million ) that will be reflected in the fourth quarter results as an increase in equity for its share in equity fund from deals with rights owner that do not provide control.

The calculation of the impact of the transaction of the shareholders equity of the Company, is based on the shareholders equity of Delek US from 30th September 2012, and is in accordance to other changes in the shareholders equity of Delek US between 30th September 2012 and up until the date of the transaction.

This is a convenience translation of the recent HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on November 20, 2012.

About The Delek Group

The Delek Group, Israel’s dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean’s Levant Basin into one of the energy industry’s most promising emerging regions. Having discovered Tamar and Leviathan, two of the world’s largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 33 TCF .

In addition, Delek has built an extensive network of global downstream assets, including 1,900 gas stations and convenience stores in the U.S., Europe and Israel, and petroleum refineries in the U.S. Delek also holds significant interests in leading water desalination, power generation, insurance and automotive companies .

In 2011, the Company’s revenues were NIS 59 billion. Delek Group’s shares are traded on the Tel Aviv Stock Exchange (TASE: DKLG) as part of the TA25 Index.



WebWireID165425





This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.