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Bank Hapoalim : Arison in deal to sell 49 percent of Bank Hapoalim's major shareholder

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09/24/2017 | 08:51am CEST
FILE PHOTO: A woman uses an ATM outside a Bank Hapoalim branch in Tel Aviv

Billionaire Shari Arison has signed a non-binding agreement to sell 49 percent of Arison Holdings, through which she holds a controlling 20 percent stake in Israel's Bank Hapoalim, to financial institutions in North America.

Arison's 20 percent share in Hapoalim, Israel's biggest bank, is valued at 6.5 billion shekels (£1.3 billion).

The price will be based on Arison Holdings' equity based on a valuation for Hapoalim of 24.82 shekels a share, Arison Holdings said in a statement to the Tel Aviv Stock Exchange on Sunday. Arison said there was no certainty that a deal, which requires approval from the Bank of Israel, will be completed.

Hapoalim's shares closed at 24.13 shekels on Tuesday, the last day of trading before a Jewish holiday.

(Reporting by Tova Cohen; Editing by Steven Scheer)

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