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Negev Rises Most in 4 Months on Africa Stake Purchase Report

March 15 (Bloomberg) -- Negev Ceramics Ltd. increased the most in more than four months after Calcalist reported Africa Israel Industries Ltd. bought Menorah Mivtachim Holdings Ltd.’s stake in the maker of tiles.

Negev climbed 6.4 percent, the biggest gain since Nov. 9, to 21.12 shekels at the 4:30 p.m. close in Tel Aviv.

Africa Israel Industries bought 6.5 percent of the Rishon LeZion, Israel-based company at a price representing a company value of 300 million shekels ($84 million), that was 15 percent above yesterday’s closing price, the paper reported, without saying how it got the information.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net

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

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