Israel:Oil Refineries Ltd Acquires Haifa Basic Oils From Paz
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Wednesday, 06 January 2010 |
Oil Refineries Ltd has announced that it has acquired 24.5% of Haifa Basic Oils (HBO) from Paz Oil Company Ltd.
The acquisition is subject to approval by the Company's Board of
Directors. Once the acquisition is approved, Oil Refineries who already
hold 74.5% of HBO's issued share capital, will gain 100% control.
As part of the transaction, the Company was notified of the withdrawal
of Paz from the request for the approval of a derivative claim filed in
2006 by other shareholders in HBO against the Company, which was
approved by the Israeli court, as announced on October 25, 2009, a
decision that is currently being reviewed by the Israeli High Court.
The Company was also notified on the waiver of Paz on all rights to
claim, demand or complaint of all forms and types with regards to the
Derivative Claim.
Oil Refineries Ltd. (ORL), located in the bay area of the city of
Haifa, operates Israel's largest oil refinery. ORL operates
sophisticated and state-of-the-art industrial facilities with refining
capacity of 9.8 million tons of crude oil per year, with a Nelson
complexity index of 7.4, providing a variety of quality products used
in industrial operation, transportation, private consumption,
agriculture and infrastructure.
PetrolWorld 040110 http://www.hbo-wax.co.il/profile.htm
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