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Delek Group Surges on Offer to Buy Unit Stake: Tel Aviv Mover

Delek Group Ltd., controlled by billionaire Isaac Tshuva, surged the most in more than a month after the company filed an offer to purchase shares it doesn’t already own in Delek Energy Systems Ltd.

The shares rose 5.4 percent, the most since May 31, to 600.4 shekels at the 4:30 p.m. close in Tel Aviv. Delek Energy advanced 3.7 percent to 1,379 shekels. Delek Group has an 87.6 percent stake in Delek Energy, according to data compiled by Bloomberg. The benchmark TA-25 index gained 2.3 percent.

Delek Group is offering to buy shares in Delek Energy in exchange for units. Each unit will consist of 28 Delek Drilling-LP shares, 431 Avner Oil Exploration LLP shares, and 70.4 shekels cash, according to a filing with the Tel-Aviv Stock Exchange today.

“The transaction reflects a market price for Delek Energy and simplifies the structure of Delek Group,” Eran Yunger, an analyst at Migdal Capital Markets said today by phone.

On Aug. 3, Delek Group offered to exchange units consisting of shares of Avner and Delek Drilling for 1 million shares of Delek Energy, and in September said it bought all of the 353,988 shares tendered.

“In the past Delek Group tried to delist Delek Energy but failed,” Zach Herzog, the Tel-Aviv based head of international sales at Psagot House Investment Ltd., said today by phone. “If the delisting goes through, the simplified corporate structure may encourage foreign investors to look more closely at Delek Group and the partnerships, Avner and Delek Drilling,”

Delek Drilling advanced 2.5 percent to 12.10 shekels, while Avner gained 1.8 percent to 2.194 shekels.

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