Business in Brief


Drahi to compensate Fishman, Mozes over Hot shares

Patrick Drahi, the controlling shareholder in Hot Telecommunications, will compensate Eliezer Fishman and Arnon Mozes to the tune of NIS 4.1 million and NIS 2.2 million, respectively, if he does not buy their shares in Hot. Fishman owns 6.9% of Hot while Mozes, the publisher of Yedioth Ahronoth, owns 3.8%.Seeking to delist the company from the Tel Aviv Stock Exchange, Drahi has offered minority shareholders NIS 41 a share. Fishman and Mozes have a right to veto the delisting, which Drahi hopes to overcome by granting them a call option to buy back the shares in the private company within 12 months at NIS 48 a share. (Amir Teig)

Israeli exports to Asia reached record in the third quarter

Israeli exports to Asia reached a new record in the third quarter, while exports to the European Union dropped to their lowest level in two years, the Israel Export and International Cooperation Institute said yesterday. Exports to the United States reportedly reached a three-year high in the quarter. Chairman Ramzi Gabbay said the figures reflect trends in the global economy. "While the U.S. economy is recovering, European economies are in the midst of a recession whose end is not clear, but whose consequences for Israeli exports are already clear," he said. (Ora Coren)

Bank of Israel survey: 12-month inflation forecast is 1.9% 

Analysts and banks forecast 12-month Inflation at 1.9%. The inflation target range set by government for the Bank of Israel is 1% to 3% - which means if they're right, inflation will be at the center of this range. But investors have higher expectations for inflation.. Analysis of bond yields shows investors think inflation will be about 2.4% for the next 12 months. The M1 money supply grew by 2.7% in October and reached NIS 123.9 billion, the central bank said yesterday. The money supply has grown by 8.6% over the past 12 months. (Moti Bassok)

Zeev Vurembrand leaving Alon Holdings

Zeev Vurembrand, the CEO of Alon Holdings Blue Square Israel - which owns the Mega supermarket chain and Dor Alon - is leaving the company after five years at the helm. Vurembrand will leave at the end of February 2013, the company announced yesterday. No replacement has yet been named. He previously served as the CEO of Clalit Health Services. Mega has seen its profits fall and is faced with severe competition. (Adi Dovrat-Meseritz and Yoram Gabison )

Commtouch acquires Germany's eleven for $11.3 million

Israeli Internet security company Commtouch said yesterday it had acquired the Berlin-based eleven GmbH for $11.3 million in cash and shares. The final price tag could be more if eleven meets milestones set in the purchase agreement, said Commtouch, which is traded on the Tel Aviv Stock Exchange and on Nasdaq. eleven has more than 36% of the German market for managed email security and provides advanced on-premise email solutions and services to selected customers, which include companies like BMW, SAP, and Siemens. Commtouch said it now sees full-year 2012 revenue reaching as much as $23.9 million. (TheMarker Staff)