The purchases amount to 3% of the Swiss bank's share capital.
Koor Industries Ltd. (TASE:KOR) today announced that it bought 34 million shares in Credit Suisse Group (NYSE: CS; SWX: CSGN; XETRA: CSGZ) at CHF 35 per share for CHF 1.2 billion on Monday. The purchases amount to 3% of the Swiss bank's share capital.
Koor said that the purchase was made at Credit Suisse's closing price on the New York Stock Exchange on Friday.
Koor is a unit of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner. He has been buying and selling Credit Suisse shares for several months. Koor earlier reported that it would report a capital gain of NIS 281 million for the third quarter on sales of Credit Suisse shares.
Published by Globes [online], Israel business news - www.globes-online.com - on October 15, 2008
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