Koor plans up to USD 886 M Carrefour investment

TEL AVIV – Israeli holding company Koor Industries said on Monday its board had approved an investment of up to 3.5 billion shekels (USD 886 M) in France’s Carrefour. Koor said in a statement it already holds 1.76 million shares, or 0.25 percent, in the world’s second-biggest retailer. It paid 284 million shekels for the shares. It said it had reached an agreement in principle for HSBC to extend it credit of EUR 300 M for the purchase of shares. As it makes use of the credit, Koor will put up similar amounts from its own resources.

“The use of the credit framework and the investment in Carrefour shares is dependent on several conditions, including the company’s estimate as to market developments,” it said.

“The company clarifies that it will carry out the investment by taking advantage of opportunities to buy and sell in accordance with market conditions… from time to time and there is no certainty as to the size of the investment.” Koor last year began to buy and sell shares in Credit Suisse, reaching at one point a stake of 3.4 percent, which made it the third-largest shareholder in the bank.

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