Geothermal energy producer Ormat Technologies said on Wednesday it was considering a corporate restructuring that would end control by parent company, Israel's Ormat Industries, through a merger of the two companies. Under the proposed transaction, Ormat Technologies would acquire Ormat Industries by issuing shares of stock in Ormat Technologies to Ormat Industries' shareholders in exchange for all of Ormat Industries shareholders' shares in the company."If approved and consummated, the transaction would eliminate Ormat Industries' majority ownership in, and control, of Ormat Technologies," the company said in a statement.Ormat Industries currently owns about 60 percent of Ormat Technologies, which said it had established a committee to weigh the proposed transaction.The deal would also result in the delisting of Ormat Industries from the Tel Aviv Stock Exchange.
Ormat Technologies, Inc. (Ormat) is a holding company. Shares of ORA traded higher by 0.75% or $0.21/share to $28.07. In the past year, the shares have traded as low as $23.95 and as high as $30.46. On average, 62786 shares of ORA exchange hands on a given day and today's volume is recorded at 28100.
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