Osem Investments Ltd. (TASE: OSEM) chairman Dan Propper has sold most of his stake in the food company to controlling shareholder Nestle SA (SWN:NESN) for $142 million, he announced last night.
He said, "I already passed on my stock holdings in Osem to my four children some years ago and now the time has come to allow each of them to develop their own platform. I'm continuing in my role as Osem chairman after the board of directors extended my term until 2016 at its last meeting. After 47 years my connection with Osem is not through the shareholding but my deep feelings for the company and a shared history of so many years. My relationship with Osem will continue for many more years and will not undergo any change."
Propper has taken advantage of the market's record levels to maximize the amount of money received from Nestle.
He added, "I'm proud of the fact that the purchase of shares by Nestle is an exceptional expression of confidence by the world's largest food company in Osem, its management and employees."
Propper held a 5% stake in Osem before the sale while Nestle held 58.8%. The Israeli food company had a market cap of NIS 8.2 billion at close of trading on the TASE yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2013
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