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(From Israel Business Arena)
Byline: Gal Nissim
Israel Corp.'s (TASE: ILCO) board has approved the company's withdrawal from the Oil Refineries Ltd. agreement. In a letter to the Ministry of Finance, Israel Corp, today announced the cancellation of its agreement with the state concerning the sale of the company's 26% stake in Oil Refineries to the state.
Israel Corp. said there was no point in continuing negotiations with the state, and that it did not consider itself obliged to sell its Oil Refineries shares to the state. Israel Corp. said it would seek a legal settlement of the dispute. Israel Corp. added that as a minority shareholder in Oil …