Jul 08, 2008. /Lesprom.com/. Hadera Paper Ltd announced that its board authorised the company's management to purchase 53% of Carmel Container Systems for $20.77 million, Reuters reported. Hadera Paper, which changed its name from American Israeli Paper Mills Ltd, early said it was in negotiations to acquire the 49.5% take owned by Carmel's main shareholder. It is now seeking to buy out additional shareholders to bring its stake to 89.3% of Carmel from a current 36%. The 49.5% stake is held by the Kraft Group, the holding company of the Kraft family's interests, which include the New England Patriots football team. "There can be no assurance that a binding agreement can be reached, but if a binding agreement will be signed, the completion of the transaction is conditioned upon the receiving of the approvals required by law, including the approval of the Israeli Antitrust Authority," the Israeli paper company said. Carmel had revenues of 471 million shekels ($144 million) in 2007.