UPDATE 1-Arison in deal to sell 49 pct of Bank Hapoalim's major shareholder

From Reuters - September 24, 2017

(Adds comment from Arison, details, background, share reaction)

TEL AVIV, Sept 24 (Reuters) - Billionaire Shari Arison has signed a non-binding agreement tosell 49 percent of Arison Holdings, through which she holds a controlling 20 percent stake in Israels Bank Hapoalim, to financial institutions in North America.

Arisons 20 percent share in Hapoalim, Israels biggest bank, is valued at 6.5 billion shekels ($1.9 billion).

The price will be calculated according to Arison Holdings equity, based on a valuation for Hapoalim of 24.82 shekels a share, Arison Holdings said on Sunday. Arison said there was no certainty that a deal, which requires approval from the Bank of Israel, will be completed.

The potential buyers - two financial institutions and one investment group - do not yet have any strategic investments in Israel. They would enter the controlling shareholder group in Hapoalim as long-term strategic investors.


Continue reading at Reuters »