Delek | Israel news feed

Delek reported net profit of NIS 423 million after a net loss of NIS 404 million in the corresponding quarter of 2022.

The sovereign wealth fund is selling its Delek stake because its NewMed Energy unit's energy exploration deal with Morocco is in waters disputed with Western Sahara.

Delek and NewMed Energy rose strongly today but NICE and Teva fell back.

If the deal is completed, Eni will receive a 38%-39% stake in Ithaca while Delek will reduce its stake from 88.55% to 53%-54.9%.

Eni will receive a 37.3% stake in Ithaca, in a stock deal for its North Sea oil and gas assets, while Delek will reduce its stake from 90% to 52.7%.