Eli Rozenberg’s Kanfei Nesharim company has bought a controlling 42.89% stake in El Al Israel Airlines Ltd.. After all the envelopes were opened with the bids for shares in today’s $150 million offering on the Tel Aviv Stock Exchange, Kanfei Nesharim replaces the former controlling shareholder Moses Borowitz family’s Knafaim Holdings Ltd., whose stake has fallen dramatically.
The State, which committed to buy shares not wanted by the public, has bought shares for about NIS 100 million and will have a 12%-15% stake.
Of the three businesspeople bidding for El Al in recent weeks, only Eli Rozenberg, son of US-based businessman Kenny Rozenberg, submitted a bid for the financially trouble company today – the person that El Al’s parent company Knafaim least wanted to see take control of the company. Meir Gurvitz announced earlier this week that he was dropping out of the race and David Sapir who expressed determination yesterday to buy shares at higher than the minimum price did not in the end bid at all.
Read more at Globes.