Bank Leumi finishes selling its shares in Dor Chemicals
has sold all its in Dor Chemicals, which is controlled by the Dankner family.
The bank exercised a warrant it received from the Dankners in August 2000 to sell the Dankners 2.8% of Dor Chemicals' equity for NIS 5.7 million. In August the bank sold to the Dankners 15% of Dor Chemicals' shares equity for NIS 30 million.
The deals price Dor stock at NIS 7.5 per share, 7% above the stock's market price. Once the acquisition is completed, the Dankners will own over 95% of Dor Chemicals, which is traded at a market cap of $47 million.
Dor Chemicals manufactures, imports and markets methanol and formalin. It runs a second plant that manufactures multi-layer polypropylene sheets.
Dor has a 2.4% stake in the Nir #1 gas exploration, with partners Clal Industries and the Israel Petrochemical Enterprises. In addition, Dor Chemicals has a 7.5% interest in the Gal permit, granted for deep-water offshore gas exploration.
