Teva Is Now Largest Holding of George Soros’ Family Fund

Tel Aviv shares, bonds rally after low January CPI

Soros Fund Management, the family investment vehicle of U.S. billionaire George Soros, increased its stake in Teva Pharmaceuticals in the fourth quarter so make the Israeli drug manufacturer the fund’s single largest holding at the end of last year, Bloomberg News reported on Saturday. The business news service said the Soros fund added 5.7 million more Teva shares to its portfolio in the quarter, bringing the value of its stake to $373 million, according to a filing with the U.S. Securities and Exchange Commission. It also posted the largest increase by market value during the period and make up 4% of the $9.2 billion fund. During the third quarter of last year, the Soros fund’s largest single holding had been Microsoft, according to Bloomberg. Shares of Teva closed up 0.1% in Tel Aviv at 154.80 shekels ($44). (TheMarker Staff)

Philips Healthcare to distribute Itamar’s sleep apnea device in Japan

Caesarea-based Itamar Medical, which develops non-invasive products to diagnosis breathing disorders and cardiac conditions, said on Sunday that it has signed an a five-year agreement under which Philips Healthcare will distribute in Japan Itamar’s WatchPAT device for detecting apnea and other sleep-related breathing disorders. Netherlands-based Philips will market the WatchPAT device and has committed to minimum sales targets as a condition of the exclusive distribution agreement. Gilad Glick, Itamar Medical’s CEO, said the minimum target represents more than 5% of his company’s sales, adding that it the minimum will increase during each year of the agreement. During the first nine months of last year, Itamar lost $4.7 million on $9.6 million in revenues. Itamar rose 2.2% in Tel Aviv to close at 1.90 shekels (54 cents). (Yoram Gabison)

Tadir-Gan inks seven-year $24.3m contract with Germany’s ZF

Tadir-Gan, an Israeli aluminum and magnesium automotive parts manufacturer, said on Sunday the German automotive products company ZF agreed to buy $24.3 million in aluminum transmission parts over seven years starting from 2016. The agreement includes a $2 million payment to the Israeli company to cover its capital spending costs to meet its contractual commitments. The latest deal follows one two months ago in which Tadir-Gan was chosen by another German company, ZFLS, to provide magnesium automotive steering parts. ZFLS, in turn, is a supplier to General Motors. Tadir-Gan, which is controlled by the private equity fund FIMI, closed 2.5% higher at 87 agorot (25 cents) in Tel Aviv Stock Exchange trading. (Yoram Gabison)

Summit Real Estate’s German subsidiary raises 35m euros in London offering

Four years after delisting itself, Summit Real Estate Holdings has taken advantage of the upturn in global stock markets to return its German unit, its major asset, to the London Stock Exchange’s Alternative Investment Market. Summit Germany, which holds investment properties in Germany and Israel and is traded on the Tel Aviv Stock Exchange, wrapped up a public offering last Wednesday that raised 35 million euros (166 million shekels). The initial public offering put the company’s market capitalization at 150 million euros, or about 185 million euros after the money, about twice its value when it was delisted. Trading is due to start February 26. Summit Real Estate Holdings, whose stake in the German unit falls to about a 79%, was unchanged at 12.07 shekels ($3.43) Sunday. (Michael Rochvarger)

Companies to get relief from impact of Concentration Law

The new Business Concentration Law will not cause holding companies to lose control of their third-tier subsidiaries immediately as many analysts had warned, Avi Licht, the deputy attorney, general said Sunday. He said the law, which was approved by the Knesset late last year and requires holding companies structured as pyramids to appoint a majority of outside directors to such companies, would be subject to interim conditions such as reducing the quota of outsider directors. “The goal of the law was not that companies should lose control in the coming half year,” Licht said. Among the companies that might have been affected are IDB Holding Corporation’s Super-Sol. It would also affect companies where more than one party has a right to name directors, such as Partner, which is controlled by Haim Saban and Ilan Ben-Dov, and Bezeq, where unions have the right to name someone to the board. (Eran Azran)

Tel Aviv shares, bonds rally after low January CPI

Tel Aviv shares and bonds both posted strong gains on Sunday, two days after the government reported that the January consumer price index dropped 0.6%, more than twice its forecast decline, raising expectations of an interest rate cut. The market was also boosted by gains on Wall Street on Friday, with the Nasdaq closing at its highest level since 2000. The TA-25 and TA-100 indices both rose on Sunday, finishing up 0.5% at 1,315.42 and 1,215.37 points, respectively. But turnover was just 434.3 million shekels ($123.4 million), less than two-thirds its usual Sunday level. The government’s shekel bond due in 2023, which is not linked to inflation, jumped 0.47% to cut its yield to 3.48%, while the CPI-linked bond for the same term rose 0.24% to reduce its yield to 1.3%. Biotech led shares higher, with Opko Health adding 8.5% to a close of 29.71 shekels and PhotoMedex adding 3.2% to finish at 50.34 shekels. PhotoMedex said over the weekend that it was buying the U.S. company LCA-Vision for $106 million. Among the biggest losers of the session were EZchip, which fell 2.9% to a close of 89.86 shekels, and Mizrahi Tefahot Bank, which fell 1.1% to 43.75 shekels. (Eran Azran)

Bloomberg