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Article: Africa Israel bids lower than expected
- Article from:
- Jerusalem Post
- Article date:
- August 12, 1996
- Author:
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Galit Lipkis Beck
Jerusalem Post
08-12-1996
Bids submitted yesterday to Bank Leumi for a 25-percent stake in Africa Israel Investments were lower than the bank's original expectations, sources close to the tender said yesterday.
Leumi is compelled to shed that part of its 50.4% stake in the 62-year-old holding company so as to comply with caps imposed by the recently redefined Banking Law, on the banking sector's non-financial holdings.
The bank refused to give details on the number of groups that submited bids, but sources close to the tender said Bank Leumi expected bids to reach $250m. - $225m. while in practice they are lower than $200m.
As rumors concerning the lower-than-expected bids ...