Bank Hapoalim is to ask to join the consortium of banks that will finance the acquisition of IDB Holding Corporation's controling interest by Nochi Dankner's group, Ha'aretz has learned.
This will be done once Dankner sells his stock in Israel Salt Industries, which holds 13 percent in Bank Hapoalim, or puts them in a "blind trust" (A trust in which the beneficiaries do not have knowledge of the trust's specific assets, and in which a fiduciary third party has complete management discretion). Since Dankner and his family hold 17 percent in Salt Industries, he is as yet precluded from taking such a loan from Bank Hapoalim.
Until Dankner transfers his shares, Bank Hapoalim will be able to partake in financing the deal for Dankner's partners, the Livnat family and Yitzhak Manor. The group has recently signed an agreement with the Recanati and Carasso families to buy 52 percent of IDB at a valuation of $1.05 billion for the company.
Ganden, the corporation through which Dankner is buying his stake (60 percent of the 52 percent), is to get financing through Leumi bank.
The buyers are to put down one-third of the money themselves, and the $350 million balance is to be financed with loans from a banking consortium led by Leumi, which will cover more than half of the deal.
The financing deal has not been finalized, since the group of buyers is still awaiting the approval of the necessary authorities which include the Bank of Israel, the supervisor of insurance, the antitrust commissioner, Dror Strum and the Communication Ministry.
The financing deal will probably promise Bank Leumi a commission if the value of IDB goes up, sources said.
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