Delek Capital Subsidiary to Purchase Republic Companies Group
August 05 2006 - 5:23PM
PR Newswire (US)
TEL AVIV, Israel, Aug. 5 /PRNewswire-FirstCall/ -- Delek Group
(TASE:DELKG) announced that a foreign company in the US which is a
wholly owned subsidiary of Delek Capital Ltd, which is a subsidiary
(94%) of Delek Group Ltd, signed on Friday, August 4th 2006, in the
morning US time, a merger agreement in order to acquire the full
equity (100%) of Republic Companies Group Inc. (NASDAQ:RUTX)
(hereinafter: "Republic"), which is a US publicly traded company in
the business of general insurance. The consideration for each
Republic share is US$ 20.40 per share and the total consideration
sum is US$290 million (approximately 1,275 million Israeli
shekels). Completion of the transaction is subject amongst others,
to certain US regulatory conditions governing this type of
transaction and approval by the general shareholders meeting of
Republic. The Company estimates that deal completion, subject to
the suspending conditions, will be executed toward the end of the
year 2006. About The Delek Group The Delek Group is one of the
leading and most prominent and dynamic investment groups in Israel.
The Delek Group is diversified into the following three major
subsidiaries: -- Delek Petroleum, with its two subsidiaries: Delek
Israel, a gasoline and lubricants distributor in Israel, and Delek
USA (NYSE:DK), which operates gas stations and convenience stores
and a oil refinery in Southern United States. -- Delek Investments
and Properties, a holding company with subsidiaries in the energy,
infrastructure, automotive, finance and media sectors. -- Delek
Real Estate, through its subsidiaries Dankner and Delek Belron
Investments, owns and manages prime global real-estate investments.
Contact Dalia Black Ehud Helft / Kenny Green Head of Investor
Relations International Investor Relations Delek Group GK Investor
Relations Tel: +972 9 863 8444 Tel: (US) 1 866 704 6710 / (UK) 0871
474 1218 Email: E-mail: / DATASOURCE: Delek Group CONTACT: Dalia
Black, Head of Investor Relations, Delek Group, +972-9-863-8444, ;
Ehud Helft or Kenny Green, International Investor Relations, GK
Investor Relations, (US) +1-866-704-06710, (UK) +0871-474-1218, or
, for Delek Group
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