Arison in deal to sell 49 percent of Bank Hapoalim’s major shareholder

TEL AVIV (Reuters) – Billionaire Shari Arison has signed a non-binding agreement to sell 49 percent of Arison Holdings, through which she holds a controlling 20 percent stake in Israel’s Bank Hapoalim <POLI.TA>, to financial institutions in North America.
Arison’s 20 percent share in Hapoalim, Israel’s biggest bank, is valued at 6.5 billion shekels ($1.9 billion).
The price will be based on Arison Holdings’ equity based on a valuation for Hapoalim of 24.82 shekels a share, Arison Holdings said in a statement to the Tel Aviv Stock Exchange on Sunday. Arison said there was no certainty that a deal, which requires approval from the Bank of Israel, will be completed.
Hapoalim’s shares closed at 24.13 shekels on Tuesday, the last day of trading before a Jewish holiday.

($1 = 3.4913 shekels)

(Reporting by Tova Cohen; Editing by Steven Scheer)

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