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Bethel Finance news:
Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT) today announced that its negotiations to acquire the jeans business of Jones Group Inc. (NYSE: JNY) have been suspended without reaching a deal. In October, "Globes" revealed that Delta Galil was in talks to buy the company for $350-400 million.
"Delta Galil called off the talks due to the weakness in Jones Group's jeans business. Jeans sales fell 19% to $187 million in its fiscal quarter ending in October 2011, and the division's profit fell 58% to $9 million. Sales by Jones Group's other divisions rose by 2% to $1.04 billion, and its profit rose 41% to $41 million" said Mr. eres Sailam from Bethel Finance Ltd.
Delta Galil, run by CEO Isaac Debah, said, "The company will continue to seek other growth opportunities through organic growth or acquisitions."
Delta Galil's share price fell 6.8% on the TASE today to NIS 26.07, giving a market cap of NIS 611 million.
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