TEL AVIV (Oct. 20)
Isaac Wolfson, British chain store owner, and Petro-france, French oil company, have purchased the holdings of British Shell in Israel for 5, 000, 000 pounds sterling ($14, 000, 000), the Israeli press reported this week-end.
(A report emanating from British business circles stated that the agreement between Wolfson-Petro-france and the Shell interests was not yet final. It noted that the deal was for all property and assets except the refineries at Haifa.)
Several months ago, Shell and the British Petroleum Company, in which the British Government has an interest, announced their intention of closing their operations in the Jewish State. Though the companies, and the British and Dutch Governments, both of which have financial holdings in the companies, have insisted the action was dictated by commercial considerations alone, the move was generally interpreted as a surrender to Arab boycott threats.