ISRAEL/USA: Blue Square to buy US retail chain
Blue Square Israel, controlled by Bronfman-Alon Ltd, will buy a US retail chain, according to Alon-Israel Fuel Company CEO David Wiessman.
A report in Globes notes that the largest investment Wiessman is planning is to enter the US food retail market, through an acquisition and in partnership with an existing retail chain "to which we can contribute".
The report notes that Wiessman plans to leverage Blue Square's properties to finance a deal, noting that the chain has "huge hidden capital in real estate holdings which we can use as back bonds."
Alon Dor Group acquired in 2002 the US energy company Total Fina for US$400m, and 18 months ago Wiessman and Mathew Bronfman acquired Blue Square Israel for NIS1.3bn (US$295m).
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