Supreme Court lets SHUV sale proceed

The court ruled that the deal's opponents - led by former economics minister Prof. Shimon Shitrit - did not prove claims of a conflict of interest leading to the sale of the company at a low price.

By DANIEL KENNEMER
August 24, 2006 06:44

 
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Israel's Supreme Court on Wednesday definitively threw out an appeal against the privatization of Housing and Construction Holding Co., the parent company of Solel Boneh and Israel's largest construction and infrastructure development group, granting the deal final approval. The ruling comes more than a decade after the sale of 94 percent of Housing and Construction, known also as SHUV, to its workers, who then sold 15% of the company to the Arison Group, which helped fund the first purchase. The court ruled that the deal's opponents - led by former economics minister Prof. Shimon Shitrit - did not prove claims of a conflict of interest leading to the sale of the company at a low price.

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