Shari Arison, holder of the controlling interest in Bank Hapoalim, approached Swiss investment bank UBS today with a request to sell shares in the bank to the tune of 600-650 million. The shares represent a 2.7-2.9% stake in the bank. Through Arison Holdings, Arison currently holds 20.24% of Hapoalim, and she holds a further 5.43% through Salt Industries.
The deal between Arison and UBS has not yet closed, and UBS declined to comment on the matter. Arison Holdings also gave no response.
The Swiss bank is now checking with overseas customers to judge the level of interest and price levels. UBS, which in recent months has carried out similar distributions of shares of Bezeq, Israel Chemicals, and Discount Bank in the market, is known as a body that first of all seeks buyers for blocs of shares, and only after securing the deal does it buy the shares and distribute them.
UBS is expected to give an answer to Arison in the coming hours (or at the latest tomorrow) on the price at which it is willing to buy the shares. If Arison obtains an appropriate price, the sale will take place in off-floor transactions.
Bank Hapoalim's stock price has risen 21% in the past year.
Published by Globes [online], Israel business news - www.globes-online.com - on October 5, 2010
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