TEL AVIV — Israelis have been voicing their dissatisfaction at news that the sale of the mega Tnuva to a Chinese company is moving forward. It is mentioned frequently on talk shows and radio call-in shows. According to Globes, the influential Israeli business publication, the company will either be sold to China's Bright Food Group, or will hold an IPO in May.
The publication reports that there has been further progress in the past few days in the negotiations between Tnuva’s controlling shareholders Apax Partners and Mivtach Shamir Holdings and China's Bright Food Group, which wants to acquire control of the company. At the same time, Tnuva is pursuing an IPO on the Tel Aviv Stock Exchange in case no deal is reached with Bright Food. A scenario that would be welcome news to nationalist Israelis who fret at the idea that an Israeli food company will be owned by China (albeit all the assurances that nothing will change for Israeli shoppers). Although China is a newcomer to the acquisition scene, many Israeli food giants are owned by multi-national companies in whole or in part.