Sale of IDB control approved - TheStreet

The agreement to sell control in IDB Holdings to a group of investors including Leon Recanati, Kardan Investments and the Carasso family was approved yesterday, advancing the transfer one more step.

In the next few days the buyers will receive documents from the authorities necessary for the completion of the deal.

The shareholders meetings in IDB Holdings, IDB Development, the Discount Investment Corporation and Migdal Insurance Co have approved almost unanimously the July 31,2001 sale agreement of Migdal's entire stake in IDB Holdings, 37.32% of IDB's floating share capital.

The transaction is due to be completed February 28 this year, and the total due for the shares will come to $495.9 million.