GM Diyur Yossi Steinman has been Danny and Benny Steinmetz's
representative for their Israeli operations for several years. Diyur is
a subsidiary of Bank Hapoalim, and the Steinmetz brothers are about to
purchase Bank Hapoalim's excess holdings in the subsidiary Ampal.
Steinman received authorization from Bank Hapoalim to engage in
other employment, representation of the Steinmetz brothers, a number of
years ago. In this framework, he has represented the Steinmetzs in a
number of negotiations which they have conducted in Israel in recent
years, and is presented in the business community as their
representative.
Bank Hapoalim published that it has decided to enter negotiations
with the Steinmetz brothers two days ago, who made, according to
the bank, the best offer, above the market value of Ampal, which has
been estimated at $162 million. Groups which had expressed interest now
claim, that the sale was "kidnapped", and they were not given the
opportunity to conduct negotiations.
According to those groups, that Ampal's value estimates, which the
bank had, were much higher than those made in New York, and reached
$250-300 million.
Steinman confirmed in his reaction, that he represents the Steinmetz
brothers, "however, not in all matters". In answer to the question
whether he was involved in the negotiations for the acquisition of
Ampal,
Steinman said, "I don't believe I have to report on in what I
participated, or what I did for whom or what. Everything was done with
the appropriate authorizations."
Bank Hapoalim refused to comment on the issue.