Arison cancels deal to sell half her Hapoalim stake

Shari Arison, photo: Tamar Matsafi

Arison had signed a non-binding agreement in September to sell half of its 20% stake to three North American investors.

Five months after announcing an agreement to sell half of its controlling core in Bank Hapoalim (TASE: POLI) to foreign investors, the Arison Group, controlled by Shari Arison, today notified the Tel Aviv Stock Exchange that the deal has been canceled.

An Arison Group spokesperson said, "Arison Holdings, which holds a controlling core in Bank Hapoalim, announces that it will not sell its shares to a group of foreign investors. Due to a lack of agreement on commercial issues - the non-binding memorandum of understanding that was signed by the parties in September 2017 has not yielded a binding agreement."

As part of the deal, three North American investors were due to acquire half of Arison Holdings shares in the bank. Arison holds about 20% of the bank's shares. The investors were two institutional investors - a pension fund and the University of California, and an investment company.

Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Shari Arison, photo: Tamar Matsafi
Shari Arison, photo: Tamar Matsafi
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