Bank Hapoalim (TASE: POLI) bought a 4.99% stake in food producer Strauss Group Ltd. (TASE:STRS) yesterday.
Hapoalim bought the stake from Strauss family members for NIS 298 million, reflecting a share price of NIS 56.26. The share closed yesterday at NIS 56.89.
The acquisition was led by Hapoalim deputy CEO Anat Levin, as part of the bank's nostro investments. The Strauss family, which controls Strauss Group through Strauss Holdings, drops to a 67.61% stake in the company.
Bank Hapoalim said, "In the framework of the current financial management at the bank, and as part of a widening of investments, a package of 4.9% of Strauss was acquired."
Bank Hapoalim shares fell 0.8% yesterday to NIS 18.11.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2010
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