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Article: Hapoalim sells 16% stake in Poalim Investments at NIS 160m. Dovrat Shrem relinquishes Bezeq share as part of deal.
- Article from:
- Jerusalem Post
- Article date:
- March 16, 1999
- Author:
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DAN GERSTENFELD
Jerusalem Post
03-16-1999
Bank Hapoalim yesterday said it sold its 16.1 percent stake in Poalim Investments to Dovrat Shrem & Co. for NIS 159.5 million as part of a larger deal in which the bank has acquired from Poalim Investments a stake in Bezeq Israel Telecom.
In a separate announcement the country's largest bank said it intends to merge its fully owned subsidiary, American-Israel Bank, with the activities of the bank.
The deal with Dovrat Shrem was based on a share price of NIS 167 for Poalim investments share, which is some 23.7% higher than its closing price on the Tel Aviv Stock Exchange of NIS 135 per share on Sunday.
As part of the deal ...