Bloomberg News

Granite Gains Most in Two Weeks on Azrieli Sale Report

October 05, 2011

(Updates with share price in second paragraph.)

Oct. 5 (Bloomberg) -- Granite Hacarmel Investments Ltd. increased the most in more than two weeks after Calcalist reported that Azrieli Group Ltd. may sell the marketer of petroleum and automobile products.

Granite Hacarmel shares climbed 3.9 percent, the biggest gain since Sept. 18, to 5.451 shekels at the 4:30 p.m. close in Tel Aviv. Azrieli shares increased 3.1 percent to 87.84 shekels.

“A number of people have approached us for the acquisition of Granite,” Azrieli Group said in a statement read by telephone. Kanit Hashalom, a subsidiary of Azrieli, owns 60.68 percent of Granite, according to data compiled by Bloomberg.

--With assistance from Shanthy Nambiar in Bangkok. Editors: Shanthy Nambiar, Claudia Maedler

To contact the reporter on this story: Susan Lerner in Jerusalem at slerner2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net -0- Oct/05/2011 14:45 GMT


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