Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
Search
My Profile
Login
Management Side
Hadera Paper Ltd. Signs Agreement to Acquire Shares of Carmel Container Systems
Print
Hadera, Israel, 13 July 2008 -- /PRNewswire/ -- Hadera Paper Ltd. (AMEX:AIP) [AIPM] announced today that on 10 July 2008, it signed an agreement to acquire shares of Carmel Container Systems Ltd., an affiliated company, from Robert Kraft, the principal shareholder of Carmel, and a number of additional shareholders in Carmel, on an "as is" basis, for approximately USD 20.77 million, to be paid upon closing of the transaction.

The completion of the transaction is conditional upon receiving approval as required by law, including the approval of the Israeli Antitrust Authority.

The company currently holds approximately 36% of Carmel and, upon completion of the transaction, will hold approximately 89.3% of the Carmel shares.

Subsequent to the transaction, if completed, the company shall consolidate the financial statements of Carmel and Frenkel C.D. Ltd., an affiliated company of the Hadera Paper and Carmel. The principal result of the consolidation will be an anticipated increase in the company's sales (based on the 2007 results, from approximately NIS 580 million, to approximately NIS 1160 million). The acquisition will be financed from the company's own resources.

Source: Hadera Paper Ltd.


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: