Delek Group last week set up a special purpose vehicle, Tamar Petroleum, to market an initial 9.25% via a bond issue and an IPO.

Delek says it expects to raise a combined $1-1.2bn through this week’s bond issue of 5% of Tamar, with a further 4.25% floated via an IPO next week. The upper $1.2bn valuation implies $650mn from the bond issue, $550mn from the IPO and a $12.97bn valuation for Tamar as a whole. (CONTINUED - 498 WORDS)