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Hadera Paper Ltd

Hadera Paper Ltd. Update of Negotiation for the Acquisition of Holdings

Company's announcement dated July 2, 2008 regarding negotiation to purchase the holdings (49.5%) of the main shareholder of Carmel Containers Systems Ltd. ("Carmel", an affiliated company), the Company's Board of Directors authorized the Company's management to purchase the above-mentioned holdings and also, the holdings of a number of additional shareholders in Carmel, all together, a total of approximately 53% of Carmel's shares, for the total consideration of approximately $ 20.77 million.

Shall the transaction be completed the Company will hold approximately 89.3% of Carmel's...

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