IDE Technologies responds to Chinese takeover reports
Israeli desalination company IDE Technologies has responded to reports suggesting a Chinese company has put in an acquisition bid for the business...
TEL AVIV, Israel – Israeli desalination company IDE Technologies has responded to reports suggesting a Chinese company has put in an acquisition bid.
Last week ENR reported that China Communication and Construction Company (CCCC) had put in a $650 million non-binding offer for the company.
Responding to the speculation, Avshalom Felber, CEO of IDE Technologies, said: “The shareholders are examining strategic options, but we cannot comment on the rumours around these options. However, all conversations have made it clear that going forward the company will continue operating as is, using our leading technology and know-how to serve our clients and promote projects in all territories that we are currently working at.”
In 2015 IDE’s two joint owners, Israel Chemical Ltd (ICL) and the Delek Group partnered with investment bank UBS to help with the sale of the company in a bid to sell off non-core activities.
As WWi reported at the end of 2014, this followed ICL selling off its German water treatment business – APW – to Japanese water company Kurita Water industries (read article).
If IDE Technologies was acquired by the Chinese company, it is thought this would open up the Arab markets, accounting for 60% of the global business, which have been previously off-limits for the Israel-based firm.