Tzachi and Ido Hajaj (Photo by Tal Tsikorel)
The brothers Tzahi and Ado Hajaj do not give up on acquiring control of the refinery.
Hajjaj actually offer petrochemicals H bondholders to sell them their bonds with the consideration paid to them by issuing a parallel Hajjaj bond themselves at a fantastic annual interest rate of 6.6% to be paid retroactively from May, i.e. from a month ago.
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In addition, the brothers are updating their offer to purchase shares in BZN that are strengthened by petrochemicals so that Hajjaj will add 33% of the difference between NIS 1.14 per share (as proposed in the previous outline) and the average share price in the 60 days to be counted. Petrochemicals will receive 33% of the improvement potential of BZN.
The third update is that the Hajjaj brothers are interested in getting an option to purchase the rest of the shares in ZAN that are encumbered to the other bondholders. The Hajjaj brothers are willing that the option will not oblige them to sell, but they are also willing to settle for the right of refusal if the bondholders who hold the lien on shares in BZN, to someone else. So that in fact Hajjaj will be able to compare the prices to what someone else will offer them on shares in ZAN that are enslaved to them.
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Last April, the Hajjaj brothers signed an agreement with the Israel Ofer Israel Company to acquire control of the refineries in Haifa. The Israel Company controls Bazan together with the petrochemicals of David Federman, who owe money to its bondholders and those who hold a lien on Bazan shares.
In total, the Hajjaj brothers offered the Israel Company to purchase 16.7% of the shares in ORL that it owns for NIS 588 million. What is happening at this stage, 15.5% of ORL is owned by Petrochemicals. In ORL, control of a holding of 30% of the company is defined, with 16.7% of the shares owned by the Israel Corporation being defined as “controlling shares” and 13.3% of ORL shares owned by Petrochemicals supplementing 30%.
BZN shares held by petrochemicals are in fact encumbered in 4 series. Series A, B, C and H owe the company NIS 1.65 billion. Series H is considered the only series that has a lien on BZN shares. Very close to debt to them which makes the owners of this series, very desirable.
Petrochemicals has the right to refuse the sale of the Company’s shares in Israel in the Bazan, so in principle from the moment Bazan’s shares were transferred to the owners of Petrochemicals’ bonds, an agreement must be reached with them. Their proposal, which leaves them in a game of petrochemicals.
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