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Oudi Recanati not interested in selling IDB stake to cousin Leon Recanati

Sources close to the collapsed deal with Leon and Kardan say Oudi hoped to sell to local businessmen

Sources close to the sale of the controlling stake in IDB estimate that Oudi Recanati, who signed a deal that later collapsed with a group consisting of Leon Recanati, the Carasso family, and Kardan, is not interested in selling control to his cousin Leon Recanati.

They estimate that Oudi wasn't interested in selling the stake to his cousin Leon in the first place, but Leon's right of first refusal and the need to behave honorably and not damage the family name, eventually led to the deal in which he sold the controlling stake to a group headed by his cousin.

Capital market sources say that last year, before the deal was inked, there were many business sector players, namely Eliezer Fishman and Itschak Shrem, who hoped to buy into the concern. The sources say Oudi Recanati hinted to those players that he would be interested in selling the stake to them, but was obligated to give his cousin the first chance.

Market sources say Oudi did not believe Leon would successfully build a group to buy the stake and that it would eventually be sold to Fishman, Shrem, or other local businessmen. "Leon surprised Oudi by showing up with Kardan and a bank financing package, and Oudi was forced to sell him the stake."

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The sources presume that now that the first deal has collapsed, Oudi will prefer to sell the stake to a group headed by someone else, not Leon Recanati.