Kenon Trades at Higher-Than-Expected Value as Israel Corp. Gains
This article is for subscribers only.
Kenon Holdings Ltd., a spinoff with businesses of Israel Corp., is being valued at about $1 billion, above what investors had priced it at through trading of the parent company’s shares in Tel Aviv.
Kenon rose 2.3 percent to $18.20 Wednesday in New York on volume of more than 96,000 shares in “when-issued” trading, a process used to set stock prices and values in corporate splits. Kenon, which listed 53 million shares, began trading on the New York Stock Exchange Jan. 6 and will also list shares on the bourse in Tel Aviv on Jan. 11, the company said this week. Israel Corp., shares, which climbed 0.2 percent at 12:11 p.m. in Tel Aviv, jumped 5.9 percent yesterday, the most in nearly four months.