Dankner abandons plans for partial acquisition of Bank Hapoalim
Arison imposes new voting guidelines, whereby she would retain control of bank, even if Dankner goes through with deal.
By Eytan Avriel, Ram Dagan and Haaretz CorrespondentsTycoon Nochi Dankner withdrew on Wednesday his plans to acquire controlling shares in Bank Hapoalim through his company, IDB.
Dankner announced he was canceling the deal only two days after the planned acquisition was publicized.
The decision came after Shari Arison, controlling shareholder of Bank Hapoalim, decided to change the nature of voting within the management nucleus of the company, in order to ensure that she maintains absolute control of the bank's operations.
Under the current agreement, made by the bank's management, a 75% majority is needed in order to make certain crucial decisions, including the appointment of senior executives.
Arison requested that the agreement be altered should Dankner assume the new position, so that only a 51% majority is needed to make executive decisions regarding the company.
Through this new voting arrangement, Arison, controlling shareholder of 57% of Bank Hapoalim, will receive full and absolute control of the bank.
IDB stated that "Nochi Dankner, chairman of the group, respects the Arison's decision."
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Tycoon Nochi Dankner withdrew on Wednesday his plans to acquire controlling shares in Bank Hapoalim. (File) |
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