Former Osem Investments Ltd. (TASE: OSEM) CEO Gad Propper has sold his 4.99% stake in the company to its controlling shareholder Nestle SA (SWX:NESN) for NIS 371.2 million. He sold 5,532,140 shares at NIS 67.19 per share, and 18% premium on yesterday's closing price.
Nestle increased its stake in the food company to 58.76% from 53.76%. Nestle acquired control of Osem in 1995.
Osem's share price rose 3% by early afternoon to NIS 58.70, giving a market cap of NIS 6.31 billion.
"I retired at the end of December, and found that although I had retired from Osem, I hadn’t yet retired from life, so I am turning to other investments. I'm staying on as a director of Osem," Propper (67) told "Globes".
Propper is the son of Eugene Propper, who founded Osem in 1942, and ran it for many years.
Propper added, "I am very close to matters at Osem. I grew up with Osem, and I feel a part of it."
"Globes": You didn’t want to keep a stake in the company?
"I left my heart. That too is something."
What will you do next?
"I'm looking at investments. If and when I find something, you'll hear about it."
In what fields?
"I've worked in food, but there are other things, too. I'm a partner in L'Oreal Israel and serve as its chairman. I've also invested in real estate, but I'm examining all kinds of things, including in manufacturing. I will definitely not compete against Osem or in anything that I've invested in or work in."
Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012