Eliahu completes Migdal acquisition

Shlomo Eliahu has bought 69.1% of Migdal's shares for NIS 3.55 billion, at a company value of NIS 5.1 billion - a 10% discount on the current market value.

The transfer of control of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) into the hands of Shlomo Eliahu was successfully completed today. The Supervisor of the Capital Market, Insurance and Savings Prof. Oded Sarig yesterday approved transfer of control to Eliahu from Italy's Assicurazioni Generali SpA (BIT: GASI).

Eliahu has bought 69.1% of Migdal's shares for NIS 3.55 billion, at a company value of NIS 5.1 billion. This is a 10% discount on the market value meaning that Eliahu has already profited on paper from the acquisition.

Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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