Markets in Brief

Bank Hapoalim is predicting that Teva Pharmaceutical Industries' third-quarter results will beat market expectations. Analyst Gilad Sarig predicts that in order to contend with an anticipated downswing in 2011, it will be carrying out yet another acquisition during the first half of 2010, to support long-term growth. He also predicts that sales of Copaxone, Teva's proprietary drug for multiple sclerosis, will pass the $700 million-mark for the first time in the third quarter. (Yael Halak)

Retail chain Super-Sol yesterday filed its third-quarter financials, revealing a 0.5% drop in revenues against the corresponding period of 2008 to NIS 2.9 billion, which it blamed on intensifying competition in the food retail sector. The chain slashed operating costs by 1.5% year over year to NIS 616 million, but operating profit was affected mainly by a slight drop in sales and fell 14% to NIS 126 million. Net profit on the other hand increased 5%, to NIS 62 million. Net financing costs (after deducting financing income) contracted 34% to NIS 38 million, Super-Sol said. (Tal Levy)

Excellence-Nessuah says that Super-Sol's results were slightly higher than it had expected and adds that Super-Sol's same-store sales dropped 1.6% year over year, because of "pricing pressure" - i.e., competition. Operating profit of 4.4% of turnover may have been down from 5.1% in the year before, but considering the business environment, that's a respectable outcome, says the investment bank. Net profit ran NIS 7 million above its forecast. (TheMarker)

Businessmen Eliezer Fishman and Ilan Ben-Dov have entered into a stock swap agreement, involving Ben-Dov's company Tao Tsuot; Darban Investments, which is co-owned by Ben-Dov and Fishman; and Fishman group companies Industrial Buildings and Jerusalem Economic Corporation. Tao will allocate 10.5% of Darban to Fishman, in exchange for 5% of Industrial Buildings. For the purposes of the deal, the parties have commissioned external appraisals of the companies. Tao will keep 15% of Darban. The deal will improve Fishman's equity structure and help his companies comply with their financial covenants. The TASE halted trading in all the companies involved to give investors a chance to digest the news. (Michael Rochvarger)

While on Ilan Ben-Dov, the TASE also halted trading in his company Scailex after the Communications Ministry granted its approval for the company to acquire the controlling interest in wireless services provider Partner Communications. Scailex is buying the 51% controlling stake in Partner for NIS 5.3 billion, and is selling some of the shares in order to help pay for the deal. (TheMarker)

The boards of Oil Refineries and Israel Petrochemical Enterprises yesterday approved a merger between Oil Refineries and Carmel Olefins. Upon consummation, Petrochemical will sell its 50% stake in Carmel Olefins to Oil Refineries, making the latter the full owner. In exchange Oil Refineries is allocating 17.8% of its share capital to Petrochemical, which will lift Petrochemical's interest in Oil Refineries to 30.7%. Oil Refineries is controlled by the Israel Corporation. Carmel Olefins' plant is located next door to Oil Refineries in Haifa Bay, and gets almost all of its raw materials from its new parent company. (TheMarker)

REIT-1 is acquiring a story in a Kiryat Matalon office building for NIS 25 million. It anticipates rental income of NIS 2.4 million a year, the company says. (TheMarker)

The board of directors at D Medical Industries has approved a private equity placement with institutional investors to raise NIS 14.5 million, and also approved moves to dual-list the company in the U.S. (TheMarker)

Bank Leumi is suing fashion designer Yael Lev, her brother Iftach Lev and her company for NIS 2.9 million, after her clothing chain collapsed. The Lev siblings signed unlimited personal guarantees, the bank says. (Hila Raz)

Delek Group yesterday raised NIS 680 million in bond offerings for which demand passed a billion shekels. And that's just at the institutional phase. The phase for the general public takes place next week, and the company intends to raise another NIS 20 million. (Michael Rochvarger)

Leader Investments' series B4 bondholders recommend the company be sold to Dan David. The bondholders thereby snubbed the group led by Danny Barak, the CEO of Leader Investments' subsidiary Leader Capital Market. During the next two weeks the B4 representatives will hold negotiations with David.(TheMarker)