The Ofer Brothers group today completed a deal for the purchase of control (53%) in Israel Corporation from Erwin Eisenberg and family, for $330 million. On completion of the deal, the Israel Corporation board convened, and Eisenberg family representatives Erwin Eisenberg, Yigal Dimant, Aryeh Ofri, Amos Mar-Haim and Uzi Meirovitz resigned.
Joining the board were Ofer group representatives: Idan Ofer, who will chair the Board of Directors in place of Erwin Eisenberg, along with Doron Ofer, Udi Angel, Amnon Leon and Avi Levy.
Group sources told "Globes" that, from the point of view of the Ofer brothers, the deal was complete, with no escape clauses whatsoever. These remarks related to the ongoing examination of the question of whether the Eisenberg family is entitled to a tax exemption on its income from the sale of control.
The Board of Directors of Israel Chemicals is expected today to approve the appointment of Akiva Mozes as ICL general manager. Mozes, currently serving as chairman of Rotem Amfert of the ICL group, will replace Yigal Dimant, son-in-law of the late Shoul Eisenberg.
Israel Corporation general manager and ICL chair Yossi Rosen said he would shortly submit to the boards of the Israel Corporation and ICL a new business plan, recently prepared in co-ordination with the outgoing and incoming controlling shareholders.
Israel Corporation was founded in 1969, and in 1998 posted a NIS 21.3 billion turnover. Its principal holdings are 52.07% of ICL, 48.9% of Zim, 26% of Oil Refineries, National Semi-Conductor and other companies in the fields of commerce and industry, services, finance, real estate and high-tech.
Published by Israel's Business Arena April 14, 1999