Israel Corp. buys half of Eastern European oil co - Israel Corp. will invest $132 million to expand the company's biodiesel production

Israel Corp. (TASE: ILCO) today announced that it has signed a non-binding MOU to acquire 49.9 percent of an Eastern European oil company for $132 million. The investment will be used to expand the company's biodiesel production.

Israel Corp. added that the deal is subject to due diligence. The MOU is valid through March 1, 2007.

Last week, Israel Corp., controlled by Ofer Brothers, issued NIS 650 million in index-linked bonds. The offering was oversubscribed four-fold, so the company increased the offering from the NIS 300 million originally planned. Maalot The Israel Rating Company Ltd. rated the bonds AA. The bonds' average duration is 4.85 years and they bear the minimum interest rate of 5 percent.

 

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