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Article: Shemen in talks to buy 20% of Caniel

Article from:
Jerusalem Post
Article date:
November 15, 2000
Author:
Copyright

SHARON BERGER
Jerusalem Post
11-15-2000
Headline: Shemen in talks to buy 20% of Caniel
Byline: SHARON BERGER
Edition; Daily
Section: Economics
Page: 14

Wednesday, November 15, 2000 -- Shemen Industries Ltd. is negotiating to buy 20 percent of Caniel Packaging Industries for NIS 42.5 million, as part of the Shemen Industries consortium's strategic plan to expand its operations.

The deal, which will be implemented via one of Shemen's five subsidiaries, Etz Hazayit Ltd., values Caniel at NIS 212m. significantly higher than its current market capitalization of NIS 88m.

Shemen's managing director, Boaz Zafrir, said there are two main reasons for paying such a premium for Caniel. First, the factory ...

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