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Leumi Partners forms consortium to buy control of Paz
The consortium seeks to buy 25% of Paz Oil for NIS 1 billion.
Bank Leumi (TASE: LUMI) recently formed a consortium of investors to buy the controlling interest in Paz Oil Company Ltd. (TASE:PZOL). The consortium was put together by Avi Ortal, head of the bank s non-financial investment arm Leumi Partners. As far as is known, the members of the consortium are real estate developer Roni Yitzhaki, the Livnat brothers (owners of haulage and infrastructures company Ta avura), and IIF (the Israel Infrastructure Fund), headed by Yaron Kestenbaum. The consortium will buy 20-25% of Paz, possibly buying 20% with an option on a further 5%, for some NIS 1 billion, valuing Paz at NIS 4 billion. Paz s market cap at this morning opening on the Tel Aviv Stock Exchange was NIS 3.4 billion. The company s share price is currently up nearly 14%.