Argentine Investor Offers NIS 770 Million for Half of IDB Development

Deal values IDB Development at NIS 822 million; could lead to billionaires George Soros and Michael Steinhardt taking stakes in the company.

Eduardo Elsztain could well become the controlling shareholder of the beleaguered Israeli business group IDB after all. On Monday night the Argentine Jewish investor and the Dolphin Fund proposed to invest NIS 700 million for a 51% stake in IDB Development Corporation, a central holding company in the IDB group.