Israel Corp unit plans 2 billion pound listing in London: report

Sun Jul 7, 2013 6:09am EDT
 
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JERUSALEM (Reuters) - A company being spun-off from Israel Corp (ILCO.TA: Quote), one of Israel's largest conglomerates, is planning a 2 billion pound ($2.98 billion) listing on the London Stock Exchange, the Sunday Times reported on Sunday.

Israel Corp, controlled by billionaire Idan Ofer, announced last month it would split off some of its less-profitable assets into a new, listed company in a bid to boost the value of its core businesses and attract a broader range of investors.

Israel Corp did not announce where the listing would take place, but said the process of separating the company into two would be completed within 6-12 months.

The Israeli holding company will keep two of its most lucrative and stable companies - fertilizer and specialty chemicals maker Israel Chemicals (ICL) (ICL.TA: Quote) and Oil Refineries ORL.TA, Israel's biggest refinery.

The Sunday Times reported that the London listing would include shipping company Zim, chipmaker TowerJazz (TSEM.TA: Quote), IC Power and Israeli-Chinese carmaker Qoros. Ofer is already planning to move his family to London as well, it added.

Before the reorganization, Israel Corp will work towards resolving Zim's $2.7 billion debt load through a restructuring with banks, shipyards and bondholders.

An Israel Corp spokesman declined to comment on the report.

(Reporting by Ari Rabinovitch and Tova Cohen; Editing by Elaine Hardcastle)