Idan Ofer, Chairman of the Israel Corporation, and CEO Yossi Rosen announced the signing of an agreement between the Finance Ministry, the Government Companies Authority (GCA) and the Israel Corporation, regarding the purchase of all Zim shares from the government.

The purchase was made at a company value of $236.6 million. The Israel Corporation will pay the government $115 million. After the purchase, The Israel Corporation holds 98% of Zim shares.

The agreement is subject to approval by the antitrust commissioner.

Idan Ofer and Yossi Rosen said the cooperation with Zim's management and workers contributed to the purchase decision, and added they were certain the Israel Corporation will continue to work with full cooperation, for the development of the company and for the benefit of owners and employees alike.

They also said the decision was a strategic one for the Israel Corporation, and now that the historical partnership with the government has come to an end, "we have the possibility to bolster Zim's development as an international company."

Israel Corp. (IC) is one of Israel's major holding companies, with main activities focused on chemicals, shipping, oil and energy, advanced technology and communications.The majority shareholding in IC is held by the Ofer Group (approximately 60 percent). IC's holdings include Israel Chemicals Ltd., a multi-national chemicals group; ZIM, a world leader in container shipping and ORL, the only oil refinery in Israel; high-tech Tower Semiconductors, as well as interests in international telecommunications.

ZIM is owned jointly by IC (48.9 percent) and the State of Israel (48.6 percent).