Apr

13

 The energy of a closed system will increase when heat or work is transferred to it. 

The rises in Asia and Shell's cash infusion had o go somewhere, and Israel shows it best as always.

"Israeli Stocks Head for Biggest Jump in 2 Years; Dubai Rises"

By Shoshanna Solomon and Sarmad Khan (Bloomberg)

Israeli stocks are poised for the steepest increase since January 2013 after drugmaker Mylan NV offered to buy Perrigo Co. Shares in Dubai advanced.

The TA-25 Index climbed 2 percent at 11:56 a.m. in Tel Aviv, to a record high of 1,683.26. Global health-care supplier Perrigo, which has the biggest weighting on the index, surged 21 percent to an all-time high of 784.50 shekels. Dubai's DFM General Index rose 1 percent to 3,790.29.

Mylan NV offered to buy Perrigo for $28.9 billion, or $205 a share in cash and stock, according to a statement on Wednesday. The offer represents a premium of about 25 percent over Perrigo's closing price for its U.S.-traded shares on April 7, which rose 18 percent on April 8 and closed at $198.55 on April 10. The Tel-Aviv Stock Exchange was closed April 9 for the Jewish holiday of Passover.

"Today's rally is all about the Perrigo buyout offer," Saar Golan, a trader at Bank of Jerusalem Ltd. in Tel Aviv, said by e-mail. "Mylan's $205 bid is likely not the end of the story as rival bids may appear and Mylan may need to improve its bid."

Before Mylan announced its pursuit of Perrigo Wednesday, it had seemed to be a likely merger partner for Teva Pharmaceutical Industries Ltd. Mylan's offer is raising questions about whether Teva will seek a transaction with either company or look elsewhere. Shares in the Petach Tikva, Israel-based company added 3.9 percent to a record 264 shekels.


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