Israel Corp unit plans $3bn listing in London, says report

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A company being spun-off from Israel Corp, one of Israel’s largest conglomerates, is planning a 2 billion pound ($2.98bn) listing on the London Stock Exchange, the Sunday Times reported.

Israel Corp, controlled by billionaire Idan Ofer, announced last month it would split off some of its less-profitable assets into a new, listed company in a bid to boost the value of its core businesses and attract a broader range of investors.

Israel Corp did not announce where the listing would take place, but said the process of separating the company into two would be completed within 6 to 12 months.

The Israeli holding company will keep two of its most lucrative and stable companies, fertilizer and specialty chemicals maker Israel Chemicals (ICL) and Oil Refineries, Israel’s biggest refinery.

The Sunday Times reported that the London listing would include shipping company Zim, chipmaker Tower Jazz, IC Power and Israeli-Chinese carmaker Qoros. Ofer is already planning to move his family to London as well, it added.

Before the reorganization, Israel Corp will work towards resolving Zim’s $2.7bn debt load through a restructuring with banks, shipyards and bondholders.

An Israel Corp spokesman declined to comment on the report.

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