Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva apparently believes that the final Sheshinski committee recommendations are not too bad. In the past two days, Delek bought shares in subsidiary Delek Energy Systems Ltd. (TASE: DEOL) and its subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) for tens of millions of shekels.
The purchases came on two days after the Sheshinski committee released its final report, which the investors in Tamar and Leviathan claim will reduce the value of their investment and can destroy Israel's oil and gas exploration industry.
Yesterday, Delek Group bought 1,853 shares in Delek Energy at NIS 1,365.40 per share, for a total of NIS 2.53 million, after buying 7,441 Delek Energy shares at NIS 1,343 per share on Tuesday for NIS 10 million. Delek Group owns 79.07% of Delek Energy following the purchases.
Delek Group bought 82,122 partnership units in Delek Drilling at NIS 14.07 per unit for a total of NIS 1.15 million, increasing its stake in the partnership to 7.85%. The purchase followed Tuesday's purchase of 267,000 partnership units at NIS 13.59 per unit, for a total of NIS 3.63 million.
Delek Group yesterday bought 11,923 partnership units in Avner at NIS 2.51 per unit, after buying 3.58 million partnership units at NIS 2.42 per unit on Tuesday for a combined total of NIS 8.7 million. It now owns 13.82% of Avner.
Avner and Delek Drilling each own 15.625% of Tamar and 22.67% of Leviathan.
Delek Group's share price rose 0.7% by mid-afternoon today to NIS 924.70. After losses in morning trading Delek Energy's share price was up 1% to NIS 1,390 and Delek Drilling's share price was up 0.3% to NIS 14.25, but Avner share price was down 1% to NIS 2.52.
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2011
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