Bloomberg News

Greenstone Soars Most in Almost 3 Months on Scailex Talks

November 24, 2011

(Updates with closing share prices in second paragraph.)

Nov. 23 (Bloomberg) -- Greenstone Industries Ltd. rose the most in almost three months after the holding company said it is in talks to acquire a 20 percent stake in the Israeli Samsung cellular operations of Scailex Corp.

The shares soared 8.6 percent, the biggest gain since Aug. 31, to 0.553 shekel at the 4:30 p.m. close in Tel Aviv. Scailex, which owns 44.54 percent of Partner Communications Co. according to Bloomberg data, dropped 1.2 percent to 21.30 shekels.

The stake is valued at about 200 million shekels ($53 million), the companies said in announcements to the Tel Aviv Stock Exchange today. Greenstone is involved in the real-estate and recycling businesses.

--With assistance from Sharon Wrobel in Tel Aviv. Editors: Shanthy Nambiar, Susan Lerner

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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