Dead Sea based Ahava cosmetics announced at the Tel-Aviv stock exchange that the company is to be bought by Fosun International, a company based in China.
The owners of Ahava, the cosmetics company based in the Dead Sea, reached a preliminary agreement to sell the Israeli company. The deal values Ahava at 300 million shekels ($76.30 million).
In an announcement at the Tel-Aviv stock exchange, Gaon Holdings, which owns 15.72 percent of Ahava, said that the buyers will be purchasing at least 51 percent of the company. Gaon did not provide the name of the buyer, but Globes, an Israeli news website, reported that it would be Fosun International, a company based in China. In June, Fosun bought a controlling stake in Phoenix Holdings, an Israeli insurer.
Ahava, which uses Dead Sea minerals to make skincare products, has been considering moving its West Bank facilities since June. This could be a result of the Boycott, Divestment and Sanctions (BDS) movement against Israel, which Is hoping to change its policies towards the Palestinians by seeking to hurt its economy.
The company rejects the idea that it is yielding to pressure from the BDS movement, even though it now has 25 percent fewer employees than it had in 2013.
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