Bloomberg News

Shufersal Climbs to 2-Month High on Discount Sale Agreement

October 16, 2011

(Updates with closing share prices in second paragraph.)

Oct. 16 (Bloomberg) -- Shufersal Ltd. jumped to the highest level in almost two months after Discount Investment Corp. agreed to sell its 46 percent stake in Israel’s largest supermarket chain for 2.42 billion shekels ($662 million).

The shares increased 4.2 percent to 17.10 shekels at the 4:30 p.m. close in Tel Aviv, the highest since Aug. 16. Discount surged 9.8 percent to 36.02 shekels, the highest since Aug. 4. IDB Holding Corp., the owner of 73.51 percent of Discount, advanced 8.6 percent, the most since May 2010, to 57.84 shekels.

Discount will sell the Shufersal holding to Isralom Properties Ltd. and England’s Noe family for 24.18 shekels a share.

--Editors: Claudia Maedler, James Kraus

-0- Oct/16/2011 09:21 GMT

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/16/2011 09:14 GMT


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