An agreement reached between Antitrust Commissioner Dror Strum and Bank Hapoalim will pave the way for Kardan Investments' partnership in IDB Holdings, Yedioth Ahronoth reports.
Bank Hapoalim is Kardan's main backer in its takeover of IDB with Leon Recanati. Kardan and the Australian Lowy Family Group are to buy 23.6% of IDB for $315 million. The bank received an option to buy 20% of the joint Lowy-Kardan stake, or 4.8% of IDB.
Yedioth reports that according to the agreement between Strum and lawyer Ram Caspi, Bank Hapoalim's representative, the bank promised not to exercise its option. If the bank is interested in the option, it will first seek approval from the commissioner. The newspaper added Bank Hapoalim was no longer entitled to appoint an observer to the board of IDB.