Melisron (TASE: MLSR) has given up on the deal to buy 51% of Kenyon Hazahav (the Golden Mall) in Rishon LeZion, two weeks after insurance company Migdal bought the 25% of the mall it did not already own from the Gindi family for NIS 840 million. Migdal bought 75% of the mall, which was built by Moshe and Yigal Gindi and has been managed by them since the early 1990s, in 2008.
According to information that has reached "Globes", a few months ago officials in the Competition Authority indicated to Melisron that the deal for the acquisition of Kenyon Hazahav would probably not be approved. Since then, two hearings have been held before Competition Authority director Adv. Michal Cohen, who was not persuaded by Melisron’s case.
Both Melisron and the Competition Authority confirmed the details to "Globes".
At the end of 2025, Melisron notified the Tel Aviv Stock Exchange that it had signed an agreement with Migdal for the purchase of 51% of the rights in the mall for NIS 818 million. The decision whether or not to approve the deal lay with the Competition Authority.
At the time of the recent deal with Migdal, Moshe Gindi said that both sides estimated that the Competition Authority would not approve the acquisition of control in Kenyon Hazahav by Melsiron, which holds eighteen malls around Israel with 542,000 square meters of commercial space. "We and Melisron are both in this loop, and we don’t see anything coming of it. We understood that the merger would probably not be approved, and so we decided to move on," Gindi said.
Published by Globes, Israel business news - en.globes.co.il - on July 21, 2026.
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