Delek Petroleum, a unit of Delek
Group, has sold 1.5 million shares in its subsidiary Delek US Holdings for $42 million to a foreign financial institution, the company said on Sunday.
Delek sold the 2.5% stake at $27.78 a share after the market closed on Thursday. Delek US
shares fell 6.4% on Friday to $26.76.
As a result of the sale, Delek will cease to consolidate Delek US results in its financial statements as of the second quarter.
Delek will post an after-tax gain of NIS 450 million ($126 million) to NIS 500 million in the second quarter for the sale as well as for a revaluation of its remaining stake in Delek US.
Delek Group is a partner with Texas-based
Noble Energy in Israel's largest natural gas discoveries.