In the past few days, First International Bank of Israel (TASE: FTIN1;FTIN5) has contacted a number of leading businessmen both inside and outside the vehicles sector who had previously expressed an interest in Japanauto, the agency for Subaru (TSE:9632). The bank has asked for their business profiles and details of their assets, in order to transfer the information to Subaru.
The action was taken while First International Bank and Subaru have been in direct contact about the sale of Japanauto. It is unclear whether the measures are being carried out with the cooperation of Gad Zeevi, the current franchise holder, or whether he is being bypassed.
Sources inform “Globes” that the businessmen contacted include Mediterranean Car Agency owner Michael Levy (importer of Fiat); Telcar co-CEO Rami Ungar (importer of Daewoo and Daihatsu); and the Allied group, the owner of Champion Motors (Israel) (importer of Volkswagen).
Vehicle industry sources believe that the negotiations with Subaru represent an advanced stage in the transfer of ownership process. Japanauto, owns real estate worth $15-20 million. The bank, which has no charge on the company's assets, declined to comment to the report.
Published by Globes [online], Israel business news - www.globes.co.il - on February 1, 2005