The Ticker / Israel Discount Bank in Talks About Underwriting Merger With Clal Finance

Orbit Technologies fire causes damage, inventory loss at plant in Netanya.

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Israel Discount Bank.Credit: Ofer Vaknin

Israel Discount Bank in talks about underwriting merger with Clal Finance

Israel Discount Bank is in advanced negotiations to merge its underwriting company, Discount Underwriting and Issuing, with Clal Finance Underwriting, TheMarker has learned. Discount Underwriting is a division of Discount Capital Markets, while Clal underwriting is controlled by Tzahi Sultan, who has long been considered a major player in the capital markets. The proposed merger has advanced to the stage involving exchange of document drafts and consideration of legal terms, and if it comes to fruition, it is expected to leave Discount Bank with about a 60% stake in the merged company. The talks come at a time when Clal Finance has been losing steam in the business to competitors such as Hapoalim IBI Underwriting, Leumi Partners Underwriting and Leader Underwriters. (Michael Rochvarger)

Orbit Technologies fire causes damage, inventory loss at plant in Netanya

A fire at a production facility of Orbit Technologies, a satellite and avionics communications, tracking and management systems company, has reported that a fire at a company production facility in Netanya that broke out Friday evening has damaged the premises and resulted in a loss of inventory. The company, based in Netanya, expects to resume production this week, although it is assessing whether the blaze, which appears to have been caused by an electrical short, will result in delays in supplying its customers and says that factors beyond its control may result in additional time before production is back to full speed. Meanwhile, Orbit, which is trading at a market value of 118 million shekels ($30.8 million), reported declining revenue for the first two quarters of the year. (Omri Zerachovitz)