Ampal to Sell Holdings in Carmel Containers Systems.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 6, 2003 Ampal-American Israel Corporation (Nasdaq:AMPL (language) AMPL - Along with mpl, the intrinsic parallel languages for MasPar's computers. AMPL and mpl are parallel variants of C. Ampl is actually now a gcc port. ["AMPL: Design, Implementation and Evaluation of a Multiprocessing Language", R. Dannenberg, CMU 1981]. ) today announced that it has entered into a definitive agreement to sell its holdings and those of its subsidiary, Ampal Enterprises Ltd., in Carmel Container Systems Ltd., a packaging manufacturer based in Israel. "This is the first step towards our stated goal of only holding investments in core areas of expertise and of maintaining a majority interest in the companies we own," stated Jack Bigio, president and chief executive officer of Ampal. "This was our only investment in the packaging sector and we do not own a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail ; therefore we thought it prudent to take advantage of a potential divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). opportunity." Pursuant to this transaction, Ampal will sell 18,000 shares and its subsidiary, Ampal Enterprises Ltd., will sell another 504,000 shares back to Carmel Containers Ltd. (Carmel) at a price per share of $6.75 for an expected aggregate purchase price of approximately $3.5 million. The shares are being sold at a premium to the recent closing price for Carmel's shares as traded on the Amex. Currently, Carmel is attempting to acquire another packaging company, Best Carton Ltd. (Best), and completion of Ampal's sale of shares in Carmel is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction with Best, as well as obtaining other legal authorizations and regulatory approvals. About Ampal Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related. Ampal has diversified interests in the following sectors: energy, telecommunication, real estate, capital markets, leisure-time, high technology and other. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks include, but are not limited to, the possibility that the sales of Carmel shares would not be completed were the contemplated merger between Carmel and Best not consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . Further information regarding risks and uncertainties are detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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