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       IL0010841281

DELEK GROUP LTD.

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Norway's DNO again raises Faroe stake, holds 27.7 percent

04/05/2018 | 03:26am EDT

OSLO (Reuters) - Norwegian oil firm DNO (>> DNO) has again increased its stake in Britain's Faroe Petroleum (>> Faroe Petroleum plc), it said on Thursday, boosting its holding to 27.7 percent the day after it bought its first shares.

OSLO (Reuters) - Norwegian oil firm DNO has again increased its stake in Britain's Faroe Petroleum, it said on Thursday, boosting its holding to 27.7 percent the day after it bought its first shares.

DNO on Wednesday purchased 25.4 percent of Faroe, adding it would become a long-term strategic owner while insisting it did not plan a full takeover.

Britain's takeover code dictates that a firm publishing a "no intention to bid statement" must refrain for at least six months from crossing the 30 percent ownership threshold, at which an obligation to make a mandatory offer is triggered.

DNO returned to the North Sea last year after years of expansion in the Middle East, with the aim of growing via acquisitions and other investments.

Faroe Petroleum's shares rose 3.2 percent in early trade to 1.216 pounds, just shy of the 1.25 pounds paid by DNO, while the Norwegian company's shares rose by 1.6 percent.

DNO's transactions supported the view that Faroe's shares are undervalued, brokers DNB Markets said in a note to clients, reiterating a Buy recommendation for the British firm and a share price target of 1.45 pounds.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

Stocks treated in this article : DNO, Faroe Petroleum plc, Delek Group Ltd.

ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
DNO ASA 4.67% 9.284 Real-time Quote.35.18%
JUST GROUP PLC -0.42% 94.1 Delayed Quote.34.62%
NEXT PLC -0.51% 8178 Delayed Quote.15.41%
NORWAY OSLO BORS BENCHMARK(TRG) -0.23% 1155 Real-time Quote.19.04%
SEA LIMITED -0.67% 340.41 Delayed Quote.71.02%
WILL GROUP, INC. 2.02% 1316 End-of-day quote.30.82%
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Delek Group Ltd. Technical Analysis Chart | IL0010841281 | MarketScreener
Managers and Directors
Idan Wallace Chief Executive Officer
Tamir Moshe Polikar Chief Financial Officer & Executive Vice President
Gabriel Last Chairman
Yossi Barnea Chief Investment Officer
Ron Roni Milo Independent Director
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