Israel

Pending Litigation Weighs On Teva

Teva’s better than expected earnings failed to allay investor concerns about potential legal liabilities and the departure of the chief financial officer, sending shares in the Israeli pharmaceutical company down more than 5 per cent, the Financial Times reported.

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Israel's Delek Drilling Considers London IPO for Leviathan Gas Stake

Delek Drilling said on Monday it was considering listing its holdings in the Leviathan natural gas field off Israel's Mediterranean coast on the London Stock Exchange as part of a corporate restructuring, the International New York Times reported on a Reuters story. Delek Drilling, a unit of conglomerate Israel's Delek Group, said it would retain its holdings in the Tamar and Dalit gas sites, also off Israel's coast, under the plan being considered.

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Tchenguiz's U.K. Hiltons Said to Be Sold to Dayan-Backed Group

The family of Israeli property tycoon Amir Dayan is among buyers of a portfolio of U.K. hotels leased to Hilton Worldwide Holdings Inc., according to people with knowledge of the deal. The group of nine hotels, which entered a form of bankruptcy protection under U.K. insolvency laws starting in early 2018, was acquired by companies controlled by Vivion Investments Sarl for 246 million pounds ($315 million), according to a filing by the administrators appointed to oversee the properties, Bloomberg News reported.

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Teva Pharm Raises 2018 Profit Outlook, Sees Strong Migraine Drug Launch

Teva Pharmaceutical Industries raised its 2018 earnings outlook, said it was seeing “a very strong launch” for its long-awaited migraine treatment Ajovy and expects to launch generic EpiPen in the fourth quarter. Teva raised its full-year forecast for adjusted EPS to $2.80-$2.95, from a previous estimate of $2.55-$2.80 and its shares were 8.5 percent higher in early U.S. trading, Reuters reported. The company also said it was on track with plans to reduce its workforce by 14,000, having let over 9,000 employees go so far. Net debt decreased by $800 million to $27.6 billion.

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As Parent Company Heads To Liquidation, Control Struggle at Israel’s Biggest Telco Continues

On Sunday, a Tel Aviv district court judge ordered the liquidation of Eurocom Communications Ltd., the communication arm of Israel-based Eurocom Group, and ordered its real estate arm into receivership, CTech reported. Eurocom's most attractive asset is Bezeq, Israel's biggest telecommunication provider and a monopoly in the country, which it holds through subsidiaries. Attempts to sell Eurocom were stymied due to shareholders opposition in Bezeq. The directives will take effect on May 3rd. The judge did not approve Eurocom's creditor arrangements.
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Israeli Unions Warn Teva Pharm Over Plan to Close Ashdod Plant

Israel's main labor federation intends to take labor or legal action against Teva Pharmaceutical Industries if the drugmaker does not suspend a decision to close a plant in the Israeli port city of Ashdod, it said on Sunday. Debt-laden Teva, the world's largest generic drugmaker and Israel's biggest company, said last week that it would close the unprofitable plant in March 2019 after failing to find a buyer for the facility, the International New York Times reported on a Reuters story.
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‘Nobody Thought It Would Come to This’: Drug Maker Teva Faces a Crisis

Management missteps and tectonic shifts in the pharmaceutical business have battered Teva, which faces declining prices for generic drugs and the loss of a patent on a major branded drug, the New York Times reported. More than $20 billion has been shorn from the company’s market capitalization since 2017 began, cutting Teva’s value roughly in half. Everyone in Israel knew that layoffs and plant closings were coming, but what was expected was something akin to painful trims. Instead, on Dec. 14, Teva announced what amounted to an amputation.
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Israel Regulator Seeks to Ban Bitcoin Firms from Stock Exchange

Israel’s markets regulator will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange, Reuters reported. Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week. If approved, it would be subject to a public hearing and then the stock exchange bylaws would need to be amended. “If we have a company that their main business is digital currencies we would not allow it.
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Israeli Banks Take Telecoms Tycoon Elovitch to Bankruptcy Court

Three Israeli banks asked a court Wednesday to break up Eurocom Communications Ltd., saying it’s insolvent, Bloomberg News reported. The company is part of Shaul Elovitch’s Eurocom Group Ltd., the controlling shareholder of Israel’s largest telecommunications firm. Bank Hapoalim Ltd., Israel Discount Bank Ltd. and First International Bank of Israel Ltd. told Tel Aviv District Court that Eurocom Communications owes them 961 million shekels ($275 million), and asked the court to appoint lawyers to oversee the sale of assets pledged against the loans.
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Netanyahu Vows to Help Buffer Teva Workers From Turnaround Plan

Israeli Prime Minister Benjamin Netanyahu said his government will do its utmost to blunt the impact of job cuts at Teva Pharmaceutical Industries Ltd. as the debt-saddled company carries out its restructuring plan, Bloomberg News reported. Netanyahu and Finance Minister Moshe Kahlon will meet this week with Teva Chief Executive Officer Kare Schultz to try to “minimize the blow to workers,” according to an e-mailed statement from the prime minister’s office.
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