Israel Corp unit planning £2bn float in London

City A.M. Reporter

A COMPANY being spun-off from Israel Corp, one of Israel’s largest conglomerates, is reported to be planning a £2bn listing on the London Stock Exchange.

Israel Corp, controlled by billionaire Idan Ofer, announced last month it would split off some of its less-profitable assets into a new, listed company in a bid to boost the value of its core businesses and attract a broader range of investors.

Israel Corp did not announce where the listing would take place, but said the process of separating the company into two would be completed within six-12 months. The Israeli holding company will keep two of its most lucrative and stable companies – fertiliser and specialty chemicals maker Israel Chemicals (ICL) and Oil Refineries, Israel’s biggest refinery. The Sunday Times reported that the listing would include shipping company Zim, chipmaker TowerJazz, IC Power and Israeli-Chinese carmaker Qoros. Ofer is already planning to move his family to London as well, it added. Israel Corp could not be reached to comment.