Osem Founder Dan Propper Sells Stake to Nestle

Multinational, which now owns 63.8% of Israeli food conglomerate, may delist company from TASE.

Dan Propper, the chairman of the Osem Investments food conglomerate, sold nearly his entire 5% stake in the company Tuesday to majority owner Nestle for $142 million. Propper, who has stood at the head of the company for 47 years, had his term as chairman extended last weekend until March 2016 and continues to hold 0.1% of its shares.