TEL AVIV, Israel -- Alon group chairman and president David Wiessman has been named the Globes 2005 Man of the Year by the Israel-based newspaper.
Over the past year, Dor Alon has carried out a number of important measures. Two subsidiaries went public, including Alon USA Energy Inc., Dallas. Wiessman told Globes, All of our companies have capital available for investment. Dor Alon plans to invest in Sonol. In the United States, we have a $1.5 billion credit line and $280 million in cash. We have an awesome ability to make acquisitions and investments [image-nocss] amounting to $1.5 billion. We'll open more convenience stores, and buy more refineries. We can double our business within a couple of years.
He added, Today, now that everything is open and known, it can be seen that Alon has not a penny in debt and has a huge shareholders' equity.
The other subsidiary to go public was Dor Alon Energy in Israel (1988) Ltd. Wiessman also ended his dispute with Matthew Bronfman over Blue Square Israel Ltd. by acquiring Bronfman's holding in Blue-Square controlling shareholder Bronfman Alon Ltd., making Alon the sole controlling shareholder. Dor Alon Fuel Stations Operations Ltd. signed an agreement to acquire Sonol Israel Ltd. from Granite Hacarmel Investments Ltd., which will create Israel's largest fuel company, provided it passes the regulatory hurdles. Blue-Square has acquired 49% of Diners Club Israel Ltd. to issue Diners Club credit cards to Alon group customers club. These credit cards will also be used for financial transactions at retail points.
Wiessman revealed another plan for Blue-Square: to open gas stations at supermarkets in Israel. We submitted the plan, and I assume that some gas stations will be opened during 2006, he told the paper. The investment in each station will be $500,000 to $2 million, said the report.
When Wiessman started out, buying his first gas station, his biggest plan was to buy Sonol: I bought a Sonol gas station and hated the way the fuel market was being managed at the time. I said, One day I'll be on the other side, and do things differently.
The Antitrust Authority is currently blocking the Dor Alon-Sonol merger, the report said, but Wiessman is sure that the merger will be approved. I fully believe, not just on faith, but also on facts, that the deal will be approved, and that this is only a minor delay. The fuel market will be utterly changed when Oil Refineries Ltd. is privatized, and everyone must get ready. The acquisition of Sonol is one of the steps in readiness for this moment, he said.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.