Court ruling wrests control of IDB from Nochi Dankner

December 17, 2013 13:47

After an arduous, seemingly endless battle, Nochi Dankner on Tuesday lost control of IDB, Israel's largest conglomerate.

Tel 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.

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