Ampal-American Israel Corporation announced that its agreement to sell its holdings in Carmel Container Systems Ltd., a packaging manufacturer based in Israel, has been cancelled. The pending sale, and the conditions of the sale, had been announced by Ampal on January 6, 2003.
Carmel has informed Ampal that the Israeli Antitrust Authority has objected to the merger between Carmel and Best Carton Ltd., a merger that was a condition precedent to the closing of the sale of the Ampal group's holdings in Carmel to a subsidiary of Carmel.
The agreement to sell Ampal's and Ampal's subsidiary's holdings in Carmel was therefore cancelled. Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related.
Ampal has diversified interests in the following sectors: telecommunication, energy, high-tech, real estate, capital markets, leisure-time and other. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
