After an arduous, seemingly endless battle, Nochi Dankner on Tuesday lost control of IDB, Israel's largest conglomerate.
Aviv District Court Judge Eitan Orenstein approved a bondholder vote
that wrested control of the company from the tycoon in favor of a plan
offered by former Dankner ally Eduardo Elsztain and Motti Ben-Moshe.
The court, however, ordered that Ben-Moshe turn over full documentation of his German business Xtra Holdings to prove he had the
wherewithal to fund the deal, which Dankner had brought into question in
an attempt to scuttle the arrangement.
IDB stock trading was halted on the Tel Aviv Stock Exchange.