Posted on 02/09/2005 11:34:42 AM PST by anotherview
Government sources: Leumi privatization tender possible
Zeev Klein 9 Feb 05 16:00
Government and Ministry of Finance sources are not ruling out a sale of a controlling interest in Bank Leumi (TASE: LUMI) according to the same format used for the privatization of Israel Discount Bank (TASE: DSCT), if investors take an interest, and if conditions are suitable.
Minister of Finance Benjamin Netanyahu already noted a possible change in the plan for privatizing Bank Leumi at a cabinet meeting three weeks ago, following the sale of Discount Bank. The change is not related to the Sharm el-Sheikh summit. Netanyahu actually mentioned the possibility when he launched the options distribution plan a year ago.
The Ministry of Finance is nevertheless making preparations to distribute shares in Bank Leumi to the public, according to the options plan formulated by Accountant General Dr. Yaron Zalika. The sources stated that distributing shares to the public was the best option at the moment, but added that if investors take an interest, applying the same process used for Discount Bank to Bank Leumi would be considered.
Following objections to the options plan by ministers at the cabinet meeting, Attorney General Menachem (Meni) Mazuz said that only a report and review was involved, not a discussion. Any change in the Bank Leumi privatization plan requires advance consent and coordination from the Attorney General and the Ministry of Justice.
The renewed discussion of Bank Leumi’s privatization is not related to the personal rivalry between Prime Minister’s Office director general Eilan Cohen and Zalika. The Ministry of Finance was responsible for re-evaluation of the options plan, which preceded the dispute between Cohen and Zalika concerning Dexia Bank (Brussels, Paris: DEXl) of France.
Published by Globes [online] - www.globes.co.il - on February 9, 2005
But let's not forget with the evil's that come with it.
Worldcom, Tyco, Enron, etc.
You prefer a socialist system? We tried it. It failed here as it has everywhere else in the world it has been tried.
Nope I do not.. but I'm well aware that we need to keep in mind all evils of the world and tackle them wherever we can.
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