NewsBreak: Cellcom Israel Soars on Takeover Target Report

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NewsBreak: Cellcom Israel Soars on Takeover Target Report
Credit: © Reuters.

Investing.com - Shares of Israeli mobile phone company Cellcom Israel (NYSE: CEL ) jumped more than 11.5% in U.S. trading Wednesday on news it may be a takeover target.

- The buyer, according to Globes, an Israeli business news website, might be Golan Telecom, controlled by Elco (TASE: ELCO ). Elco is interested in expanding in the Israeli mobile telephone market and Cellcom Israel is the likely target, if controlling shareholder Eduardo Elsztain decides to sell.

- Golan, under a former owner, tried to buy Cellcom Israel before, but was blocked by the Israel Competition Authority

- Cellcom Israel shares have struggled and are down more than 50% this year.

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