ISRAEL Corp, which owns 99.7 per cent of Zim, reportedly plans to split itself into two companies, so it can spin off its non-chemical businesses into a new entity
Zim said set for spin off as Israel Corp readies to give lender assets ISRAEL Corp, which owns 99.7 per cent of Zim, reportedly plans to split itself into two companies, so it can spin off its non-chemical businesses into a new entity, according to a Tel Aviv Stock Exchange filing.
Earlier, Israeli daily Haaretz reported that Israel Corp had discussed a debt deal with lenders, which would allow the company to "hand over Zim to creditors and walk away".
The spin-off bundle includes container carrier Zim, China-based automaker Qoros, semiconducter manufacturer Tower Jazz as well as power companies IC Power and IC Green Energy, reports London's Financial Times and Reuters.
Israel Corp would keep ICL, a fertiliser and specialty chemical company and oil refineries, said FT and Reuters.
The Israeli government hold a tiny "golden share" in Zim which gives it a veto over the transfer of more than a 24 per cent of the company for national security reasons.