ROSH HAAYIN, Israel, Dec. 26 /PRNewswire-FirstCall/ -- Further to its previous announcements on November 29 and December 27, 2005, Blue Square-Israel Ltd. ("Blue Square") announced today that following receipt of all required regulatory approvals (including the approval by the Bank of Israel) for the agreement dated November 29, 2005, between Blue Square and Dor Alon Finance Ltd. (a subsidiary of Dor Alon Energy in Israel (1988) Ltd.), ("Dor Alon"), on one side, and Israel Credit Cards Ltd. ("CAL") and Diners Club Israel Ltd. ("Diners Israel"), on the other side, for the joint acquisition of 49% of the issued share capital of Diners Israel, the closing of the agreement has been completed yesterday.
Following the closing, Blue Square holds 36.75% of the issued share capital of Diners Israel, and Dor Alon holds 12.25% of the issued share capital of Diners Israel. CAL holds the rest 51% of the issued share capital of Diners Israel.
Diners Israel issues Diners Club credit cards under the name "YOU" for customers of the Blue Square and Dor Alon joint loyalty plan ("YOU Plan"), according to the agreement between Blue Square and Dor Alon for the establishment of the You Plan, the agreement between Blue Square, Dor Alon and Diners Israel according to which customers of the YOU Plan are offered a credit card of Diners Israel, and related agreements.
Blue Square-Israel Ltd is a leading retailer in Israel. A pioneer of modern food retailing, in the region. Blue Square currently operates 175 supermarkets under different formats, each offering varying levels of services and prices. For more information, please refer to the Blue Square-Israel Ltd. website at http://www.bsi.co.il/.
Forward Looking Statements
The statements contained in this release, except for historical facts, which are forward-looking with respect to plans, projections, or future performance of the Company, involve certain risks and uncertainties. Potential risks and uncertainties include, but are not limited to, risk of market acceptance, the effect of economic conditions, the impact of competitive pricing, supply constrains, the effect of the Company's accounting policies, as well as certain other risks and uncertainties which are detailed in the Company's filings with the Securities and Exchange Commission, particularly the Annual Report on Form 20-F for the year ended December 31, 2005.
Contact:
Blue Square-Israel Ltd.
Elli Levinson-Sela
General Counsel & Corporate Secretary
Telephone: 972-3-9282670
Fax: 972-3-9282498
Email:
