JP Morgan acts for Bezeq shareholder Haim Saban.
Investment ban JP Morgan has approached several institutions in Israel's capital market and offering parcels of Bezeq Israel Telecommunications Company Ltd. (TASE:BZEQ) shares.
JP Morgan serves as the owner of Haim Saban's shares, and advised Saban when he formed a controlling core in Bezeq. In any event, JP Morgan's approach does not involve large parcels of shares or an attempt at selling the controlling core, even though much was published on the subject last year.
Institutions told "Globes" that owners of the shares want to sell part of their holdings, because they want to show that they are realizing part of their investments for the benefit of their own shareholders. This applies mainly to Apax Partners. Apax, together with Haim Saban, holds most of the shares in the controlling core of Bezeq. Apax is an investment fund that realizes assets after improving them, and its timescale for investment in companies is limited to a few years. Therefore, the fund is obliged to show share realizations.
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009