Israel's Delek Says Ithaca Shareholders Approve Takeover Bid

Israel's Delek Says Ithaca Shareholders Approve Takeover Bid
Israel's Delek Group says its offer to take over North Sea oil producer Ithaca Energy has been accepted by Ithaca's shareholders.

Reuters

JERUSALEM, April 21 (Reuters) - Israel's Delek Group said on Friday its offer to take over North Sea oil producer Ithaca Energy has been accepted by Ithaca's shareholders.

Delek said it would pay about $350 million for 70.23 percent of Ithaca's issued and outstanding common shares, not including the shares already owned by Delek or its affiliates.

Delek said it will now hold 76 percent of Ithaca's common shares and will begin consolidating its financial statement, estimating a profit of 150 million shekels ($41 million).

The deal, announced in February, valued Ithaca Energy's equity at $646 million, and builds on Delek's expansion in the North Sea ahead of a planned London listing.

(Reporting by Ari Rabinovitch, editing by David Evans)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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