Wednesday, June 29, 2011

Bethel Finances: Kardan Israel in talks to sell Avis Israel stake for NIS 200m

www.bethelfinance.com

Kardan Israel Ltd. (TASE:KRIS) is in talks to sell half of its 68% stake in Dan Vehicle and Transportation Ltd. (Avis Israel) (TASE: DVT) to Eastern Holdings Company Ltd., owned by the Eini family, for NIS 200 million. If a deal is reached, the two companies will jointly control the car rental and leasing company.

Kardan Israel and Eastern Holdings also jointly control Buick, Cadillac, Chevrolet and Isuzu importer Universal Motors Israel Ltd. (UMI) with a 45% and 40% stake, respectively.

Kardan Israel bought 54.25% of Dan Vehicle in March 2011, bringing its stake to 68%.

Kardan NV (TASE: KRNV;AEX:KARD) plans to spin off Kardan Israel into a new company Kardan Yazamut (2010) Ltd.

Kardan Israel's share price rose 2.7% by mid-afternoon to NIS 5.28, giving a market cap of NIS 417 million, and Dan Vehicle's share price rose 13.5% to NIS 28.30, giving a market cap of NIS 420 million

No comments:

Post a Comment