Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

IDB Rises to Highest Since May After Dankner Boosts Stake

Aug. 7 (Bloomberg) -- IDB Holding Corp. rose to the highest level in almost three months after shareholder Nochi Dankner raised his direct stake in the company to 6.34 percent.

The shares gained 4.4 percent to 19.36 shekels, the highest since May 16, at the close in Tel Aviv. Discount Investment Corp., a unit of IDB, rallied 23 percent, the most since Bloomberg started tracking the data in 1995.

Dankner, the Israeli businessman who controls IDB Holding through Ganden Holdings Ltd., bought 75,569 shares yesterday at 17.89 shekels a share, IDB said in a filing to the Tel-Aviv Stock Exchange today. The acquisition increased Dankner’s direct ownership to 2.93 million shares.

Dankner has been purchasing IDB shares, which have plunged 51 percent this year on concern the company may struggle to pay its obligations. Dankner on May 19 said he will honor all his debt to investors and isn’t considering the option of asking them to accept a so-called haircut arrangement.

The yield on Discount Investment’s 5 percent shekel bonds due April 2016 fell 2.67 percentage points to 7.13 percent, the lowest level since July 22. The yield on IDB’s 5.1 percent notes maturing in December 2020 dropped 86 basis points, or 0.86 percentage point, to 58.42 percent.

To contact the reporter on this story: David Wainer in Tel Aviv at dwainer3@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.