Delek Motors Explores Acquisition of Credit Card Firm Cal
Translated & summarized from TheMarker by baba
Delek Motors, led by controlling shareholder Gil Agmon, is considering a substantial investment in credit card company Cal. The move comes as Delek Motors faces challenges in its automotive business and a declining investment portfolio. Cal is primarily owned by Discount Bank. A market insider expressed skepticism about Agmon's ability to secure partners for the deal, citing a shift in his past reputation.
The story in 5 lines · by baba
- Delek Motors is exploring a significant investment in credit card company Cal.
- Gil Agmon, controlling shareholder of Delek Motors, is leading the potential acquisition.
- Delek Motors faces challenges in its automotive sector and shrinking investment portfolio.
- Cal is currently majority-owned by Discount Bank.
- A market source expressed doubt about Agmon's ability to find partners for the deal.
Delek Motors, controlled by Gil Agmon, is reportedly exploring a significant investment in the credit card company Cal. Agmon, who along with his brother Zvika Agmon holds approximately 59.2% of Delek Motors, is looking to diversify the company's holdings amidst challenges in its automotive sector and a shrinking investment portfolio. Cal is currently majority-owned by Discount Bank (72%), with the International Bank holding the remaining 28%. While Delek Motors stated in a filing that the potential investment in Cal has not yet reached the board discussion stage, Agmon and senior executives have been monitoring Cal's developments for several months. A market source commented that Agmon's past reputation as a value creator has reversed in recent years, suggesting he may face difficulties finding partners for the Cal acquisition.
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