Apax Partners wins auction for Tnuva

ISRAEL - Apax Partners, one of the world's largest private equity firms, won a tender to buy control of Tunva, Israel's largest foodmaker, Tnuva said on Monday.
calendar icon 21 November 2006
clock icon 1 minute read
The bid values the privately held food and dairy group at $1.03 billion, a Tnuva spokeswoman said.

It was not clear how much Apax -- which is part of the group that bought a controlling stake in Bezeq Israel Telecom -- will ultimately pay but the spokeswoman said Apax has won the right to buy at least 51 percent of Tnuva.

Apax, which declined to comment, was one of five groups that bid for Tnuva, owned by 620 kibbutzim, or collective farms, and agricultural communities.

Tnuva's management had set up a special committee to seek proposals for a controlling stake. Israeli media reported that a group of dairy manufacturers may submit a counter offer.

Source: Reuters
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