Delek Israel said on Wednesday it has proposed to merge with the country's largest supermarket chain, Shufersal and buy additional shares that could give it close to 20% ownership of Shufersal, Trend reports with reference to Reuters.
Delek Israel is a leading operator of gas stations and convenience stores.
In a regulatory filing to the Tel Aviv Stock Exchange by Delek Israel shareholder Lahav and Shufersal, Delek Israel shareholders were offering to merge 100% of their company in return for an approximate 10% stake in Shufersal.
Delek Israel's shareholders would then pay 100 million shekels ($31 million) for options that could bring their stake to in Shufersal to 19.99%.
The proposed deal would require a host of approvals, including from regulators, the tax authority and stock exchange.