Tshuva blows Up $6.7 Billion gas deal
Delek Group shareholder Yitzhak Tshuva has canceled a $6.7 billion gas supply deal with Dalia Energies, citing missed regulatory deadlines. Dalia Energies disputes the cancellation, claiming all conditions were met and signaling potential legal action.
Why it matters
The collapse of this major energy deal creates significant uncertainty for Israel's natural gas market and future energy supply chains.
Businessman Yitzhak Tshuva, controlling shareholder of Delek Group, which holds NewMed Energy, blew up a $6.7 billion deal with private electricity producer Dalia Energies.NewMed Energy, in cooperation with Ratio, announced again to the stock exchange that the deal was canceled, but Dalia Energies insists on its right to have the agreement fulfilled.Tshuva's formal pretext is that regulatory approvals for the deal were not received on time. However, Dalia Energies rejects this position, stating in a notice to the stock exchange that it maintains that the deal must be executed, given that approval from the Competition Authority arrived on time and all conditions for completing the transaction were met.
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