The latest sale brings the remainder of the company under Nestlé's control and makes Israel’s largest publically traded food manufacturer private.
Osem’s shares soared 26% following the announcement.
In 1995 Nestlé gave Osem exclusive distribution rights for Nestlé products in Israel and allowed it to manufacture some products locally. Since then it has incrementally increased its stake in the company. In 2002 it opened an R&D centre in Sderot and acquired 50.1% of the company, upping this to 58.76% in 2012.
Osem’s product portfolio includes bakery, salad and snack products, sauces, dips, pasta and baby food.
Israeli daily newspaper Haaretz described the acquisition as “a big blow” to Israel’s stock exchange TASE which has been struggling to keep companies listed, adding that Strauss Group is one of the few major Israeli food companies that is not controlled by foreign investors.