Markets in Brief

Court protects Hatehof from creditors ...

The courts yesterday approved a stay of legal proceedings against Hatehof, which makes armored vehicles and machinery such as fire trucks. The motion was made by banks Discount and Union. Judge Hashim Khatib noted that the company's debts have reached NIS 150 million, of which NIS 55 million is to Discount and NIS 35 million to Union Bank. Khatib added that it is crucial for Hatehof to continue operating since it has 150 workers. (Eran Azran )

... For no good reason, says Hatehof

On the court order protecting it from creditors, Hatehof sniffed that the move by the banks is senseless, since it showed them a plan to restructure its business, including bringing in an investor, and it doesn't understand why the banks rejected the plan. Discount said it is just trying to protect the company insofar as possible and keep it and its workers afloat. (Eran Azran )

... And no, Kelner isn't trying to buy it

In other Hatehof news, Avigdor Kelner denies reports that he's bidding to buy the company: It isn't on his agenda, the businessman said. It's enough to glance at its financial statements, which bear a going concern warning from its auditors, and at its debts to the banks, Kelner told TheMarker. Hatehof management has been trying to find fresh investors: Reportedly the Origo fund has been sniffing. Meanwhile, two weeks ago the banks placed restrictions on Hatehof's bank accounts, so it can't write checks any more. (Eran Azran )

Hapoalim buys 4.9% stake in Strauss

Analyst Liat Glazer of Excellence Nessuah rates Strauss Group at Market Perform, until the foodstuffs manufacturer proves the merit of its latest strategic moves, and/or its coffee and Sabra businesses become more lucrative. Meanwhile, Bank Hapoalim is making moves: It acquired 4.9% of Strauss in an off-floor transaction for NIS 298 million. The acquisition was carried out under the bank's risks and liabilities management division, run by Anat Levin, pursuant to strategy of diversifying the bank's holdings in its proprietary portfolio. The investment is financial, not strategic, in nature, which means Hapoalim won't be meddling in Strauss' management. (Eti Aflalo )

Leumi sells Paz Oil stake at NIS 16m profit

At the other end of the rainbow, after a nine-year run, last week Bank Leumi sold its final holdings in Paz Oil. The transactions were handled through its non-finance investments arm Leumi Partners and the U.S. investments bank Goldman Sachs. The bank began to sell its Paz shares in June, when it parted with 14.8% of the company for NIS 781 million, posting a capital gain of NIS 177 million. It held onto about 1% of Paz, but since June Paz stock has gained 23%, and that did the trick. Bye bye last shares. Leumi had no choice about selling most its Paz stake, since banks can't own significant stakes in more than one conglomerate and it decided to keep its holdings in Israel Corporation. (Michael Rochvarger )

ATP may buy chunks of Israeli gas licenses

ATP Oil & Gas Corporation of Houston is thinking of buying 33% stakes in the Myra and Sara deep-sea prospects, according to Israeli media reports. Myra and Sara are near the Tamar field, which has large proven amounts of natural gas. It might also buy 50% of the rights to the Daniel and Shimshon license areas. ATP has something Israel's companies don't have, which is experience in exploring deep-sea areas for hydrocarbons. (Reuters )

MicroNet to market by itself in U.S.

MicroNet has entered into a memorandum of understanding to buy the U.S. operations of its distributor, National Datacomputer, for Sales Force Automation systems, the company said yesterday. In short, the company would begin selling in the United States by itself. The final sum for the operations is contingent on approval of its board of directors, but MicroNet says in any case, the amount shouldn't be material in terms of its results. National Datacomputer works out of Boston and will be run by the U.S. subsidiary of MicroNet, the company says. (TheMarker )

Psagot raises Israel Chemicals target price

Equity analysts at Psagot yesterday lifted their 12-month price target for Israel Chemicals to NIS 67.50, from NIS 60.20. They also repeated their Buy rating for the fertilizer manufacturer. ICL is one of Psagot's favorites as 2011 approaches, because of the positive momentum in potash, a key market for the company. The target is 12% above ICL's opening share price on Monday. (Nadav Abudi )

Partner refuses to lose money, charming Clal

Clal Finance is evidently charmed by how Partner Communications has been compensating itself for anticipated lost income, as the government forces Israel's mobile operators to slash mobile termination rates. How is it doing so? By raising its profits from equipment sales, Clal Finance applauds, a trend the analysts feel will continue into 2011. Also, they anticipate that Partner's fixed-line offering will start turning a profit next year, and that growing income from cellular content will help alleviate the pain of the lost MTR (interconnection ) income. (Nadav Abudi )

U. Dori raises NIS 64m

Engineering company U. Dori yesterday scored NIS 64 million in an offerng of bonds, expanding its Series B6 unsecured debentures. The offering was oversubscribed by 75%. The bonds bear annual interest of 6.8%. (Vadim Sviderski)