Elsztain consolidates position controlling IDB Development

Eduardo Elsztain
Eduardo Elsztain

Eduardo Elsztain was in Tel Aviv last week and then led an Adama delegation to China to meet ChemChina heads.

Despite a dialogue with Moti Ben-Moshe about restoring their equal standing, Eduardo Elsztain is also working to consolidate his position as the sole controlling shareholder of IDB Development Corp. (TASE: IDBD). Last week Elsztain visited Israel and held meetings with Tel Aviv capital market figures, took part in the IDB Development board meeting, and met senior IDB executives.

From Tel Aviv, Elsztain flew to China at the head of a large business delegation for meetings with senior ChemChina executives. ChemChina bought crop protection manufacturer Adama Agricultural Solutions Ltd. (formerly Makhteshim-Agan Industries). The delegation met with ChemChina CEO and Adama chairman Yang Xingqiang. ChemChina holds 60% of Adama and IDB Development 40% through Discount Investment Corporation (TASE: DISI).

The IDB delegation included Adama CEO Chen Lichtenstein and a range of senior executives and legal advisors. Talks revolved around Adama's debt repayment arrangements.

Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Eduardo Elsztain
Eduardo Elsztain
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