Michael Bobrov sold 18% of Petrochemicals shares at a 20% discount on the market price

Three years after unsuccessfully attempting to take over the company Petrochemicals (Mifalei Petrochimim), businessman Michael Bobrov parted ways yesterday with his holdings in the company, selling 18% of its shares for approximately 107 million shekels. Petrochemicals is the controlling shareholder of the Haifa Oil Refineries (Bazan).

Bobrov teamed up with two sons-in-law of billionaire Beny Steinmetz, Adar Schwartz and Ohad Schwartz, in an attempt to take over the company, which had reached a debt settlement. Bobrov previously served as the Israel representative for the major energy company Trafigura.

In 2022, the three provided the Federmann family with a loan of 100 million shekels, which was convertible into 33 million Petrochemicals shares, but they did not receive approval from the Companies Authority to control the company. In 2025, the Federmann family bought back 13 million Petrochemicals shares from the three for 71 million shekels, reflecting a price of 1.54 shekels per share. The price was about 30% lower than the market price and was due to the fact that Green Oil, the company through which the shares were purchased, did not receive a control permit due to suspicion that it financed the purchase through a loan from Trafigura.

Steinmetz's sons-in-law exited Green Oil following the deal, and the remaining shares stayed with Bobrov, who remained with an 18% stake in Petrochemicals shares. Yesterday, Bobrov sold his entire holding at a discount of more than 20% on the market price. The shares were purchased by institutional entities and hedge funds, and the distribution was carried out through Psagot Brokerage.