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

Tuesday, July 9, 2013

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

US-ISRAELCORP-LISTING:Israel Corp unit plans 2 billion pound listing in London: report

JERUSALEM (Reuters) - A company being spun-off from Israel Corp <ILCO.TA>, 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> 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>, 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.