OPC Israel Stake Sale Talks Continue Amid Volatile Market and Iran Tensions

Veridis, a subsidiary of Delek Automotive controlled by Gil Agmon, is negotiating to sell its entire 20% stake in OPC Israel, the company managing OPC's energy operations in Israel. OPC holds 80% of OPC Israel and is 43.8% controlled by Idan Ofer. The deal values OPC Israel at over 17.5 billion shekels, implying Veridis seeks more than 3.5 billion shekels for its shares, roughly half of Veridis's market capitalization of 7.3 billion shekels. Gil Agmon, who serves as Veridis's chairman, has recently met with institutional investors to advance the transaction.

Ahead of the Tel Aviv Stock Exchange opening, investors are reacting to ongoing US military strikes in Iran and a negative session on Wall Street, particularly in technology stocks. The Nasdaq fell 1.6%, the S&P 500 dropped 0.8%, and the Dow Jones declined 0.3% in the previous session. Following President Trump's reinstatement of a naval blockade in the Strait of Hormuz and threats of further attacks, the US Central Command announced it has launched strikes in Iran for the third consecutive night, aiming to degrade Iran's ability to target civilians and commercial vessels.

Local oil and gas stocks are responding to a sharp rise in oil prices, with Brent crude surging 9% and WTI rising 8% after Trump's announcement to close the Hormuz Strait. Overnight strikes have pushed prices moderately higher again, with Brent up 1.6% and WTI up 1.8%. Meanwhile, US 10-year Treasury yields increased slightly to 4.62%, following a 4 basis point rise the day before. Israeli 10-year bond yields also rose by 5 basis points to 3.79%. The Tel Aviv Stock Exchange closed mostly stable yesterday, with the TA-35 index down less than 0.1%, TA-125 up slightly, oil and gas stocks gaining 2.4%, and defense stocks falling 1.3% for a fifth consecutive negative day.