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Delek Group to Acquire Ithaca Energy in $1.24B Deal to Expand International Ops

Delek Group to Acquire Ithaca Energy in $1.24B Deal to Expand International Ops

$3 billion sale by Royal Dutch Shell (AMS:RDSA; NYSE: RDS.A) of a package of UK North Sea assets to UK O&G independent Chrysaor Holdings,  as reported by ExitHub. Delek already owns a 19.7% equity stake in Ithaca. The proposed purchase price represents a 12% premium to the TSX closing price of CAD 1.74 per share on 3 February 2017 and a 16% and 27% premium to the 30 day and 60 day volume weighted average prices respectively. The deal received the unanimous support of Ithaca’s Board of Directors. After completion of the deal, Delek will be the controlling shareholder of Ithaca, which had a market value as of February 3, 2017 of CAD 720 milion (US$555 million), excluding convertible securities. “We are very pleased to announce the offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the Company’s evolution,” said Ithaca’s Non-Executive Chairman, Brad Hurtubise. “A special committee of independent directors has fully assessed the offer, with input from the Company’s financial advisor and an independent valuator, and believes the offer is fair and in the best interest of the company and its shareholders and unanimously recommends that the shareholders tender their shares to the offer.” “Today, we are taking another significant step which, if successful, will firmly establish Delek Group as a global E&P company, with international oil and gas assets and strong operational capabilities,” said Asaf Bartfeld, President and CEO of Delek Group. “The Ithaca transaction will substantially strengthen our international operational arm, and is a synergistic step to our existing activities. We believe Ithaca will contribute to our continued growth and we look forward to reinforcing and building on our status in international markets.” Delek Group, Israel’s dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean’s Levant Basin into one of the energy industry’s most promising emerging regions. Having discovered Tamar and Leviathan, two of the world’s largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 40 TCF. Delek also has a number of assets in downstream energy, water desalination, and in the finance sector.]]>

@VW and Ex-Shin Bet Director Yuval Diskin Launch CyMotive Joint Venture

@VW and Ex-Shin Bet Director Yuval Diskin Launch CyMotive Joint Venture

Israeli Security Service Shabak, widely known by its Hebrew code letters “Shin Bet.” He was first appointed to the position by Prime Minister Ariel Sharon in 2005, and subsequently served under Prime Ministers Ehud Olmert and Binyamin Netanyahu, until he retired in 2011, and started a career in high-tech. CyMotive will be based in Herzliya, Israel, and in Wolfsburg, Germany. The Israeli team which will develop advanced cyber security solutions for next generation connected cars and mobile services, is said to hold a 60 percent majority stake in the joint venture, with VW holding a stake of 40 percent. “Together with Volkswagen we are building a top-notch team of cyber security experts. We are aware of the significant technological challenges that will face us in the next years in dealing with the cyber security threats facing the connected car and the development of the autonomous car.” Diskin added. The age of the connected car enables customers to use a variety of features inside modern vehicles. However, with increasing connectivity comes an increasing risk, says VW. Aspects such as intelligent and autonomous driving increase the number of interfaces in the vehicle and thus the risk of malicious attack. Through this cooperation Volkswagen is further developing its core capabilities in the field of cyber security and is combining its forces with the expertise of the cyber security specialists from Israel, it says. At the signing of the agreement, Volkmar Tanneberger, Head of Electrical and Electronic Development for the Volkswagen brand, said, “The car and the Internet are becoming increasingly integrated. To enable us to tackle the enormous challenges of the next decade, we need to expand our know-how in cyber security in order to systematically advance vehicle cyber security for our customers.” “CyMotive Technologies provides an excellent platform for doing this. It is a long-term investment in cyber security to make vehicles and their ecosystem more secure,” added Tanneberger. The German carmaker already has various other strategic partnerships with Israeli high-tech startups. In May, VW made a $300 million strategic investment in Gett (formerly GetTaxi), a global Israeli on-demand ride hailing provider. Earlier this year, VW formed a partnership with Mobileye NV (NYSE: MBLY), to launch a pioneering crowd-sourced mapping technology for self-driving or autonomous cars. File Photo (L to R): Gabi Ashkenazi, former Chief of General Staff of the IDF, with Yuval Diskin, former Director of the Israeli Security Service Shin Bet.]]>