IDB has sold its 10.64% holding in Clal Industries for NIS 223 million to an institutional investor.
IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, reported to the Tel Aviv Stock Exchange (TASE) this morning that it had sold its remaining 10.64% stake in Clal Industries and Investments Ltd. (TASE:CII). The sale was outside of the TASE to an institutional investor at a price of NIS 13.30 per share, below the NIS 15 share price for Clal Industries on the TASE this morning.
In total, IDB received NIS 223 million for its stake. The company will record a NIS 10 million loss for the fourth quarter of 2012 and following the sale of its Clal Industries stake will record a capital gain of NIS 22 million for the first quarter of 2013.
In July 2012, IDB completed the sale of a controlling stake in Clal Industries for NIS 1.27 billion to billionaire Len Blavatnik reflecting a company value of NIS 2.55 billion. Blavatnik made the acquisition though his US company Industries Access Inc.
Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2013
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