Investment bank UBS has acquired 1.1m shares, worth a total of ILS60m (US$15.5m), in the Israeli food company Strauss Group from the company’s controlling shareholder.
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As Strauss Group, formerly known Strauss-Elite, has increasingly come to the attention of international investors, UBS had sought on previous occasions to acquire shares from the company’s main shareholder but had been rebuffed.
However, the sale of these shares will raise the proportion of the company’s stock held publicly to above 25%, allowing Israel’s second largest food and beverage group to remain in the blue-chip Tel Aviv 25 (TA25) index, under new rules put in place by the Tel Aviv Stock Exchange
“The broad global activities of Strauss Group in recent years has brought it to the attention of foreign investors,” Yaron Bloch, head of UBS Israel Equities, said in a statement.
Bloch added that UBS believes in the company’s business strategy. In addition to its food and drink operations in Israel, Strauss has a leading position in the roast and ground coffee markets in central and eastern Europe and is the second largest coffee company in Brazil.
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