Business Services Industry

Merrill Lynch buys 19.2% interest in Agis.(Merrill Lynch and Company Inc.)

Israel Business Today, June, 1997

US investment house, Merrill Lynch, and local pharmaceutical manufacturer, Agis, have announced the signing of an agreement according to which Merrill Lynch will purchase 19.2 percent of Agis' stock. The agreement has been valued at close to NIS 200 million.

The acquisition represents the largest-ever foreign purchase of a Tel Aviv Stock Exchange (TASE)-listed company with the US company buying 5.5 million shares, at a per share price of NIS 36, from principal shareholders Moshe Arkin and Daniella Yanai. Arkin and Yanai received NIS 181 million in cash and now retain a 45-percent interest in the company.

Founded in 1961, Agis incorporates a group of several subsidiary companies, including Agis Industries, Careline and Israel Fine Chemicals.

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