Shlomo Eliahu sells Bank Leumi shares worth NIS 300m

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Eliahu is required to sell his Leumi stake following his acquisition of Migdal.

Shlomo Eliahu, a party in interest in Bank Leumi (TASE: LUMI) has distributed shares worth NIS 300 million through Deutsche Bank and Poalim IBI Underwriting and Investments Ltd. (TASE:PIU).

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Eliahu was selling the shares at a price of NIS 12.75 compared with last night's closing share price of NIS 13.12.

Eliahu was required to sell his holding in Leumi within three years after acquiring control of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) from Italian company Assicurazioni Generali SpA (BIT: GASI) last year.

Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2013