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Discount Investment Drops Most in 3 Weeks on Koor Stake Buy Plan

April 8 (Bloomberg) -- Discount Investment Corp. fell to the lowest level in more than three weeks as the holding company plans to invest 800 million shekels ($214 million) in cash and the rest in shares for full ownership of Koor Industries Ltd.

Discount Investment, which owns 70.11 percent of Koor according to data compiled by Bloomberg, declined 3.2 percent to 19.56 shekels, the lowest intraday level since March 15, at 11:06 a.m. in Tel Aviv. Koor fell 0.3 percent to 60.11 shekels.

Israeli billionaire Nochi Dankner holds a stake in Discount Investment via his holdings in IDB Holding Corp. IDB Holding, which owns stakes in both companies via its IDB Development Corp., dropped 0.6 percent to 29.20 shekels.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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