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Israel's Delek agrees to buy Canada's Ithaca Energy

February 6, 2017
Food & Drink

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

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