The Livnat family was due to acquire 55% of Mashav from Clal Industries, controlled by Len Blavatnik and Nochi Dankner.
Clal Industries and Investments Ltd. (TASE: CII), controlled by Len Blavatnik and Nochi Dankner, today confirmed a report by "Globes" that the sale of the controlling interest in Mashav Initiation and Development to the Livnat family has collapsed. In a notice to the TASE today, Clal Industries said that the Livnat's will not ask for another extension of the August 15 deadline to close the sale.
The Livnat family was due to acquire 55% of Clal Industries' 75% stake in Mashav for NIS 1.32 billion, under an agreement signed in February. Mashav owns Nesher Israel Cement Enterprises and 38% of logistics company Taavura Holdings Ltd. The Livnat's own the rest of Taavura through Avraham Livnat Ltd.. Clal Industries will refund the Livnat's NIS 40 million deposit for the deal.
In July, Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) sold 50% of Clal Industries to Blavatnik's Access Industries Inc. for NIS 1.27 billion.
Clal Industries' share price fell 0.9% in morning trading to NIS 10.60, giving a market cap of NIS 1.6 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2012
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