Article: French company buying control of Hazera

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Headline: French company buying control of Hazera Byline: YEHEZKEL LAING Edition; Daily Section: Economics Page: 16

Monday, December 23, 2002 -- French company Vilmorin Clause has signed an agreement to buy 42 percent of Hazera Genetics from Polar Investments for NIS 134 million, based on a company value of NIS 316m.

Vilmorin, which already owns 12% of Hazera, will hold a 54% controlling share of the company. Another 37% is owned by the Israeli Association of Seed Growers which holds the first right of refusal on the deal for the next month and a half. The NIS 134m. price tag is 7% above Hazera's net equity and 84% higher than the company's market value.

The ...

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