Monday, October 13, 2014

Israel Corp. will spin-off its "less-profitable assets", including Zim Shipping, #BlockTheBoat

(Reuters) - Israel Corp will list a company comprising some of its less profitable assets in Tel Aviv and New York and inject about $100 million into the business, it said on Monday.
Israel Corp, one of Israel's largest conglomerates, has planned to split into two companies for more than a year in an attempt to boost the value of its core businesses and attract a broader range of investors.
Under its plan, Israel Corp will continue to hold two of its most lucrative and stable companies -- potash and speciality chemicals maker Israel Chemicals (ICL) and Oil Refineries, Israel's biggest refinery.

On Monday, it detailed plans for the spin-off company, Singapore-incorporated Kenon Holdings.

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