May 4, 2017 / 7:11 AM / a year ago

Israel's Delek raises stake in Ithaca Energy to 94 pct

JERUSALEM, May 4 (Reuters) -

* Israel’s Delek Group said on Thursday it has boosted its stake in Ithaca Energy to 94.2 percent following a tender offer that expired on Wednesday.

* Delek offered C$1.95 ($1.42 )per share for the North Sea oil producer.

* Last month it paid $350 million for 70.23 percent of Ithaca’s issued and common shares to bring its stake to 76 percent.

* 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.

* “Delek Group is implementing the strategy it set itself and today has become an international energy group,” said Delek CEO Asaf Bartfeld. “Ithaca’s enormous potential and its operational capabilities in drilling, particularly in deep waters, enhance Delek Group’s capabilities and firmly establishes the group’s operational arm.” ($1 = 1.3738 Canadian dollars) (Reporting by Steven Scheer)

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