Delek eyes $3.6B energy spinoff


Israeli conglomerate Delek Group (DGRLY, DLKGF) is examining a spinoff of its oil and gas activities, saying it could help maximize value for shareholders by separately listing a bunch of assets which one analyst values at ~$3.6B.

Delek would transfer to the new company its holdings in Delek Energy Systems (DLKNF), Delek Drilling (DKDRF), Avner Oil (AVOGF) and others, and would include rights to receive royalties from the energy sector.

UBS analyst Roni Biron says Delek is the only Israeli E&P vehicle not structured as a limited partnership, and its holding structure had made it less popular among international investors.

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