Israel’s Delek Group said it had offered $524 million for the 80 percent of shares in Canadian oil producer Ithaca Energy Inc it does not already own in an agreed takeover bid.
North Sea producer Ithaca said its board had recommended the Israeli conglomerate’s cash offer of C$1.95 per share.
The offer, which represents a premium of about 12 percent to Ithaca’s closing price of C$1.74 on Friday, implies an enterprise value of about $1.24 billion, Ithaca said.
Delek, with natural gas exploration and production activities in the eastern Mediterranean, already owns 19.7 percent of Ithaca. The bid values the entire company at $646 million.
By Noor Zainab Hussain and Tova Cohen
Source: Reuters
In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.
Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.
Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.
