Leumi buys 18% of Super Pharm for NIS 190m

The deal gives Super Pharm a company value of NIS 1.05 billion.

Bank Leumi (TASE: LUMI) has bought 18% of drugstore retail chain Super Pharm Ltd. for NIS 190 million through Leumi & Co. The bank has an option to increase its holding to 20%. The deal gives Super Pharm a company value of NIS 1.05 billion. Bank Leumi will appoint two directors to Super Pharm’s board.

Bank Leumi chairman Eitan Raff said the acquisition was part of the bank’s strategy to diversify and increase its sources of revenue. “Leumi has always been characterized by a wide range of its sources of revenue, while fostering over many years non-financial assets that have generated strong profits. The investment in Super Pharm is part of this trend, and I believe that it, too, will generate handsome profits for many years.”

Super Pharm chairman Leon Koffler said, “The Koffler family is proud to have Bank Leumi as a partner. Concern for the good of the chain helped us choose Leumi as a partner, since a link-up with it will enable Super Pharm to preserve and increase its value.”

Published by Globes [online], Israel business news - www.globes.co.il - on May 2, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
MORE FROM GLOBES
Twitter Facebook Linkedin RSS Newsletters גלובס