Israeli mobile operator Cellcom has said that its parent company IDB Holding is to be controlled by the Elzstain-Extra group, following a court decision over the indebted conglomerate.
Last year, Elzstain-Extra, led by Eduardo Elzstain and Mordechai Ben…
Israeli mobile operator Cellcom has said that its parent company IDB Holding is to be controlled by the Elzstain-Extra group, following a court decision over the indebted conglomerate.
Last year, Elzstain-Extra, led by Eduardo Elzstain and Mordechai Ben Moshe, proposed a takeover of IDB, which reportedly included a NIS650m (US$186m) cash injection into subsidiary IDB Development Corporation.
The takeover plan won 75% backing from bondholders and bank creditors but was opposed by IDB chairman Nochi Dankner, according to reports. Yesterday, Dankner withdrew its request to delay the court decision, allowing the restructuring to go ahead.
IDB has a 45% stake in Cellcom via its Discount Investment Corporation (DIC) subsidiary. The operator, which is Israel’s largest player, recently agreed a 4G network sharing agreement with some of its rivals.
Besides telecoms, IDB is also present in the retail, real estate and manufacturing sectors.