Business in Brief

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Court gives time for IDB proposals to be adjusted

Judge Eitan Orenstein agreed on Thursday to a petition by trustees representing bondholders of IDB Holding Corporation to enable Eduardo Elsztain and Motti Ben-Moshe to present an improved offer for the financially troubled conglomerate. Elsztain, an Argentinian entrepreneur, and Ben-Moshe joined forces this week to offer IDB bondholders a plan to inject capital into Nochi Dankner’s IDB and swap debt for equity. The two have until next Monday to revise their offer, as does a competing group led by Dankner and Ukrainian businessman Alexander Granovsky. Bondholders are due to vote on the competing plans December 8. (Shelly Appelberg)

Cisco wins IDF communications-gear contract

Cisco Systems won a tender for a five-year, $150 million contract to supply communications equipment to the Israel Defense Forces, the Defense Ministry said on Thursday. The ministry said the tender was awarded after intense negotiations, during which the final price was reduced by tens of percent. It said the contract will also include an option to extend the agreement by two years. The installation and maintenance phases of the project were awarded to local company Binat. Cisco will replace Juniper Networks, which had been supplying the gear. (Amitai Ziv)

Ikea Israel gets a new CEO

Chief Financial Officer Shuky Koblenz will take over from Shlomi Gabay as CEO of Ikea Israel after the furniture giant opens its third store in Israel next year, the company said this week. Gabay is retiring after 14 years at the company, 10 as CEO. Koblenz, 44, has been at Ikea Israel for the past five years, after managing the finance department at cellular provider Pelephone. Koblenz was a key player in developing Ikea’s store in Rishon Letzion and rebuilding the branch in Netanya after it burned down. (Adi Dovrat-Meseritz)

The Ikea superstore in Rishon Letzion. Credit: Yuval Tebol

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