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Article: Ellern buys majority stake in Club Market for $72m.
- Article from:
- Jerusalem Post
- Article date:
- September 14, 2001
- Author:
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SHARON BERGER
Jerusalem Post
09-14-2001
Headline: Ellern buys majority stake in Club Market for $72m.
Byline: SHARON BERGER
Edition; Daily
Section: Economics
Page: 11
Friday, September 14, 2001 -- Ellern Investments has agreed to buy the shares of Co- Op North Metro Ltd. for $72 million, via a fully-owned subsidiary company. Co-Op Metro holds 68.5 percent of Club Market Marketing Chains, Israel's third largest supermarket chain, 100% of Mashbir Food, 95% of New Pharm Drugstore, and 95% of cosmetics and perfume chain April.
As Ellern has not decided whether it will keep New Pharm, April, and Mashbir Food, there is an option for it to sell these holdings back to Co-Op Metro for $6m.
Ellern, which ...