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Israel Corp planning £2B London listing?
Sunday Times reports listing of company spun off from one of Israel's largest conglomerates will include shipping company Zim, chipmaker TowerJazz, IC Power and Israeli-Chinese carmaker Qoros
Israel Corp, controlled by billionaire Idan Ofer, announced last month it would split off some of its less-profitable assets into a new, listed company in a bid to boost the value of its core businesses and attract a broader range of investors.
Israel Corp did not announce where the listing would take place, but said the process of separating the company into two would be completed within six to 12 months.
The Israeli holding company will keep two of its most lucrative and stable companies – fertilizer and specialty chemicals maker Israel Chemicals (ICL) and Oil Refineries, Israel's biggest refinery.
The Sunday Times reported that the London listing would include shipping company Zim, chipmaker TowerJazz, IC Power and Israeli-Chinese carmaker Qoros. Ofer is already planning to move his family to London as well, it added.
Before the reorganization, Israel Corp will work towards resolving Zim's $2.7 billion debt load through a restructuring with banks, shipyards and bondholders.
An Israel Corp spokesman declined to comment on the report.
