Israel's Gazit Acquires Ormat Shares

Gazit Inc. (GZIT10) has acquired a 12 percent stake in Ormat Industries (NYSE: ORA), the leading geothermal energy producer.

Gazit is controlled by Chaim Katzman, who owns real estate investment company Gazit-Globe (GLOB).

The 12 percent stake is worth about 700 million shekels ($168 million).

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