Sources inform ''Globes'' that former Israel Corporation (TASE: ILCO) chairman Idan Ofer is due to receive $250 million in credit from foreign banks, headed by Deutsche Bank AG (NYSE: DB; XETRA: DBG), which he will use for new investments overseas.
Ofer is taking the loan through Millennium Investments, a private company through which the Ofer family owns most of its shares in Israel Corp.
The sources added that Ofer is providing as collateral some of Millennium Investments' shares in Israel Corp, reportedly 4% of Israel Corp., Millennium Investments owns 47% of Israel Corp.
Capital market sources said that Ofer has no specific investments in mind, but that he is reviewing a number of possibilities, especially in technology and energy.
An Ofer family spokesman said in response, "We do not comment on the private business of the family."
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2010
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