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The General Meeting of EL AL Stockholders Today Approved the Fimi Fund Agreement

According to agreement signed by EL AL and the Fimi Fund in April, the Fund will invest up to 75 million dollars in EL AL and become a controlling group in the airline along with Knafaim

According to the draft of the transaction, Fimi will invest up to $50 million by July 2013, and can extend completion of the transaction by two 45-day periods.

Fimi Fund’s commitment to complete the transaction is subject to several conditions, among them approval by EL AL stockholders, which was received today.

The completion of the transaction is conditional on approvals by regulatory authorities and a signed agreement between EL AL and its people on a new collective agreement whose terms are acceptable to Fimi.

 
Publish Date 06/06/2013