Alon Israel Oil Company is joining the race to take over Ampal American Israel Corporation (Nasdaq:AMPL), Ma'ariv reports.

Alon, which is controlled by Africa Israel Investments, made an offer to Ampal through its shareholder Shraga Biran.

Among Ampal's holdings are a 20% stake in Granite Hacarmel Investments Group, the parent company of Sonol Israel - which is one of Israel's three largest petroleum companies.

Ampal controlling shareholder, Raz Steinmetz, has rejected an offer of $8.5 a share from the Shamrock group. Steinmetz is holding out for a minimum of $10 per share.