A senior executive of Hutchison Telecommunications International Ltd. (NYSE: HTX; HKSE: 2332), apparently the CFO, arrived in Israel today to push negotiations for the sale of Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR).
Hutchison expects to receive more offers for Partner, after receiving several offers yesterday. However, it is unlikely that it will announce today with whom it will conduct sale talks.
Sources said yesterday that former Bank Hapoalim chairman Shlomo Nehama joined the group that Bank Leumi (TASE: LUMI) subsidiary Leumi & Partners is putting together to acquire Partner. The consortium includes Menorah Mivtachim Holdings Ltd. (TASE: MORA) and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL).
The consortia with which Hutchison decides to open negotiations with will enter the information room that Partner set up with Goldman Sachs. The bidders submitted nonbinding offers for Partner yesterday. They will have to conduct due diligence on the company, including visiting the information room, in order to make binding offers.
Three Israeli consortia submitted bids for Partner yesterday, as well as Leumi and Partners and foreign private equity funds.
Published by Globes [online], Israel business news - www.globes-online.com - on July 9, 2009
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