Sources inform ''Globes'' that the late Yuli Ofer has left all his shares in Ofer Investments Ltd. to his daughter Leora, leaving his son, Doron, with nothing. Yuli Ofer died on September 14 at 87, and his will was read earlier this week.
Sources believe that Doron will contest the will against his sister.
Yuli Ofer owned 36.7% of Ofer Investments, Leora and Doron each owned 15%, and their cousin Eyal Ofer (son of the late Sammy Ofer who died on June 2), owned 33.3% Following the will, Leora will own 51.7% of the company, giving her control.
The Ofer family owns 25.44% of Mizrahi Tefahot Bank (TASE:MZTF), including a 17.72% stake held by Ofer Investments. Ofer Investments also owns 75% of Melisron Ltd. (TASE: MLSR), which became Israel's largest mall owner earlier this year when it acquired British-Israel Investments Ltd. (TASE: BRTS), thereby surpassing Azrieli Group Ltd. (TASE: AZRG).
Doron sold his 33% stake in Ofer Shipping Ltd. to Sammy Ofer's Ofer Holdings Group a few years ago. Leora got nothing in that deal. Doron is active in real estate, mainly in the UK, which has made him wealthy in his own right.
In August, Supervisor of Banks David Zaken notified Ofer Investments that it must settle the dispute between Yuli and Doron over splitting the company, otherwise it would amend the company's control permit for Mizrahi Tefahot Bank. Zaken gave Ofer Investments until September 15 to submit a report on the bank's's investments-to-sources ratio (its leverage), so that the Banking Supervision Department can examine the ratio with regard to the control permit. Zaken extended the deadline following Yuli Ofer's death.
Doron Ofer opposes the rest of the family, and opposes separating Ofer Investments' holding in Mizrahi Tefahot Bank from Melisron.
Published by Globes [online], Israel business news - www.globes-online.com - on October 11, 2011
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