David Wertheim buys sister Drorit's Alony Hetz stake

David Wertheim Photo: Sivan Faraj
David Wertheim Photo: Sivan Faraj

The Wertheims share control of the Israeli real estate development company with CEO Nathan Hetz.

Israeli real estate investment company Alony Hetz Property and Investments Ltd. (TASE: ALHE) today reported that David Wertheim had bought the shares in the company of his sister, Drorit Wertheim. The Wertheims are one of the wealthiest families in Israel. Following the deal, David Wertheim will hold 19% of Alony Hetz's share capital, with a current market value of NIS 1.2 billion.

The Wertheims share control of Alony Hetz with founder, president, and CEO Nathan Hetz, who has a 15% stake with a current market value of NIS 900 million.

Representatives of David and Drorit Wertheim said, "David and Drorit Wertheim are announcing that they today came to a complete understanding concerning all of their holdings in the Central Bottling Company (Coca Cola Israel) and in M. Wertheim (which is a partner in the controlling core in Alony Hetz, among other things).

"The understandings reached by David and Drorit Wertheim come on top of an agreement they made several years ago about their holdings in the controlling core in Mizrahi Tefahot Bank (TASE:MZTF). As part of those understandings, David Wertheim acquired all of Drorit Wertheim's holdings in M. Wertheim. The understandings reached will facilitate the continued prosperity and success of Coca Cola Israel and the group's other companies."

The Wertheim family controls Coca Cola Israel and owns 22% of the shares in Mizrahi Tefahot Bank, with a value of NIS 3.4 billion.

In the framework of the Promotion of Competition and Reduction of Concentration Law, the family has been obliged to sell one of its public assets (either Alony Hetz or Mizrahi Tefahot Bank). Its holdings in Coca Cola Israel have not been affected, because it is not considered an important non-financial company (its sales turnover is less than NIS 6 billion).

Alony Hetz, one of Israel's most successful real estate investment companies, operates in Israel through its Amot Investments Ltd. (TASE:AMOT) subsidiary. It operates in Washington through a partnership in Carr Properties, in London through Brockton Capital, and in Boston through a partnership with Oxford Properties. In Switzerland, Alony Hetz operates through a holding in PSP Swiss Property. The company also has activity in renewable energy through Energix Renewable Energies Ltd. (ENRG). Alony Hetz's current market cap is NIS 6 billion, after its share price climbed more than 20% in the past year.

Published by Globes [online], Israel Business News - www.globes-online.com - on January 30, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

David Wertheim Photo: Sivan Faraj
David Wertheim Photo: Sivan Faraj
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