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The FITE turnaround fund is allying with insurance baron Meir Shamir in buying the controlling interest in soy products maker Solbar Industries (TASE: SLBR), say stock market sources.

The sources believe that Shamir will be investing about NIS 30 million and that FITE, which is run by Roy Machnes, will be putting in NIS 50 million. That amount gets them more than 50% of Solbar's share capital.

The deal is contingent, among other things, on Solbar buying back bonds it had issued, and raising NIS 20 million.