Israel’s Delek Group has confirmed the compulsory acquisition of remaining shares in North Sea operator Ithaca Energy.
The cancellation of the trading of Ithaca’s shares on AIM will take effect at 7am on Wednesday June 7.
Delek already owned 94.2% of Aberdeen-based oil producer Ithaca, whose assets include the giant Buzzard oilfield.
The acquisition of the remaining shares by Delek, which has its headquarters in the popular tourist resort of Netanya, is believed to be worth about £27million.
Delek’s takeover values its new Aberdeen business at around £1billion.
In March, Delek revealed it was already eyeing new acquisition targets in the North Sea.
The company said its mission to become a major player in international oil and gas exploration and production was just starting.
And it identified the North Sea and North America as areas of special interest.
Last December, it emerged Tel Aviv-listed Delek had taken a 13.18% stake in Aberdeen company Faroe Petroleum from Dana Petroleum in a £42.77million deal to boost its North Sea presence.
That acquisition saw Delek become the largest single shareholder in Faroe.
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