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Blackstone Group and Avgol Industries in acquisition talks

Avgol Industries has confirmed the Blackstone Group has approached it regarding an acquisition.

08 March 2012

Avgol Industries has confirmed it is in preliminary discussions with Blackstone Group regarding a possible acquisition.

The company produces nonwoven fabrics in North Carolina, Russia and Israel and has set up a joint venture with Hubei Gold Dragon to conduct operations in China.

It noted the business negotiations have not yet reached any conclusions.

In a filing to the Tel-Aviv Stock Exchange on March 6th, the firm said: "As part of ongoing considerations of mergers, acquisitions or other types of cooperation with different parties, Avgol is in initial negotiations with Blackstone."

Speaking to Bloomberg, equity sales trader in Tel Aviv's Psagot Investment House Zach Herzog explained the discussions are "definitely the first icebreaker" and have opened up the potential for significant numbers of acquisitions made by international and private equity investors in the local market.

Israel Petrochemical Enterprises has a 23.7 per cent stake in Avgol.

Blackstone has operations in 22 offices throughout the globe and was one of the joint merger and acquisition advisors for Northern Rock in the UK.

Posted by Ron Maverick

Source: Press reports, March 6th

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