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Granite Gains Most on Record After Azrieli Offers Premium

Granite Hacarmel Investments Ltd. (GRNT) gained the most on record after Azrieli Group offered to buy the remaining shares in the marketer of petroleum and automobile products at a 20 percent premium.

Granite surged 25 percent, the biggest gain since February 1996, to 4.582 shekels at the market close in Tel Aviv. Azrieli rose 1.6 percent to 78.65 shekels. The TA-25 index advanced 0.7 percent.

Azrieli offered to pay 225 million shekels ($56 million) for the stake, or 4.40 shekels a share, according to a statement filed with the Tel-Aviv Stock Exchange. Granite Hacarmel shares closed at 3.664 yesterday.

Azrieli Group already indirectly holds about 61 percent of the company, according to the statement.

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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