Alon Surges to Two-Year High After Israel Oil Increases Stake

Alon Natural Gas Exploration Ltd. (ALGS) advanced to the highest in more than two years after the natural gas company’s controlling shareholder increased its ownership.

The shares rose 6.3 percent to 43.80 shekels, the highest level since February 2010, at the 4:30 p.m. close in Tel Aviv.

“Alon” Israel Oil Co. increased its stake to 82.77 percent by buying 115,000 shares at 43.71 shekels each, according to a filing with the Tel-Aviv Stock Exchange today.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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