JERUSALEM: * Israeli conglomerate Delek Group said on Wednesday it was looking to buy back outstanding shares in its subsidiary Delek Energy in order to take the business private.
* Through its energy unit, Delek owns major stakes in Israeli offshore natural gas projects.
* Delek has been in the process of combining units to make its corporate structure simpler.
* Delek controls 88.23 percent of Delek Energy and is offering to buy 605,428 shares in the company, which represents the remaining 11.77 percent stake, it said in a statement to the Tel Aviv Stock Exchange.
* In return for the outstanding shares, Delek said it is offering 385 million shekels ($112 million) in cash as well as shares in parent company Delek and another energy subsidiary, Delek Drilling.
* ($1 = 3.4338 shekels)