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| A large digital ticker shows financial information outside the entrance to the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel on August 4, 2016. Rina Castelnuovo | Bloomberg via Getty Images |
22 JUNE 2017
The Tel Aviv Stock Exchange, TASE, is about to see its largest IPO ever with the sale of part of the Tamar natural gas field by Delek Drilling. A new company, Tamar Petroleum, is to acquire 9.25 percent of the field as well as part of Delek's holding in the smaller Dalit field and will next month issue an offering of about $1.2 billion in stocks and bonds to finance the deal.
Delek's divestment is part of antitrust measures under which the company is to sell its entire 31.3 per cent stake in Tamar, currently the main field from which Israel draws its natural gas. Its partner, Texas-based Noble Energy, will reduce its share in the field from 33 to 25 percent. Last year it sold 3 percent to move towards that goal. This allows both companies to maintain their share in the much larger Leviathan gas field that will come online in the coming years.
