Negotiations over the sale of control stock in the Israeli Tnuva dairy and agricultural product giant have been moving forward in recent days, according to the daily Isarel Hayom. The company’s controlling shareholders—British investment firm Apax and Mivtach Shamir Food Industries Ltd.—appear interested in selling the Apax share in the company to the Chinese Bright Food Group.
According to sources close to the negotiations speaking to Israel Hayom, if the deal goes through it would be for between $2.4 and $2.7 billion. The deal is said to be on a positive track, but the Chinese are not planning to send representatives to Israel in the near future.
The Chinese did appoint local professional representatives to examine every aspect of the purchase.
Apax and Mivtach Shamir today control about 76.7 percent of Tnuva, while the rest of the shared are still owned by the 620 moshavim and kibbutzim that founded the Tnuva cooperative back in 1926. Tnuva is the largest dairy products manufacturer in Israel; its sales account for 70% of the country’s dairy market as well as sales of meat, eggs and packaged food.
Tnuva employs 6,630 workers.