Shari Arison

Arison to own 100% of holding company

Bank Hapoalim controlling shareholder receives permission to acquire brother's stake in Arison Holdings three years after former Supervisor of Banks Ronny Hizkiyahu blocked deal

Bank Hapoalim announced Tuesday that the Bank of Israel's supervisor of banks had given the green light to the bank's controlling shareholder, Shari Arison, to acquire her brother's stake in Arson Holdings.


Mickey Arison, owner of the Carnival cruise ship company, held a 23% stake in Arison Holdings through Nickel 93, which holds 20.22% of Bank Hapoalim. Shari Arison holds another 2.4% of the Bank's shares through Salt of the Earth.


Once Shari Arison buys her brother's share of the company, she will own 100% of Arison Holdings.


Arison's stake in Bank Hapoalim is worth NIS 3.5 billion (about $940 million) which makes Mickey Arison's stake worth NIS 800 million ($214 million).


About three years ago, then-Supervisor of Banks Ronny Hizkiyahu decided to block the sale of Mickey Arison's Bank Hapoalim stake to his sister due to an affair involving the replacement of the Bank's CEO and chairman, which threw the Bank into turmoil.


In early 2007, Shari Arison acquired some 17% of the company shares from Shlomo Nehama, who was her father Ted Arison's right hand. Later, Shari Arison increased her stake by buying the company's shares from the Dankner family and from her American partners Michael Steinhardt, Lou Abramson and the Schusterman family.


The Bank of Israel conditioned the acquisition on restrictions on Shari Arison's holdings in Bank Hapoalim.


The Arison Group spokeswomen declined comment.


Click here to read this report in Hebrew



פרסום ראשון: 12.13.11, 13:35
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