April 23 The Dutch unit of Israel's Habas
Investments filed a lawsuit against British private
equity and hedge fund Duet Asset Management, alleging breach of
contract last year to buy shares of Nieuwe Steen Investments
As part of debt settlement talks, Duet last August offered
to buy its Dutch-based unit's Habas Tulip's 20 percent stake in
NSI for 57 million euros ($78.6 million). But a closing date in
September passed with no deal completed. Habas said Duet had
signed a binding offer.
Habas Tulip said in court documents on Wednesday it suffered
heavy economic damage since it was forced to sell NSI's shares
at a lower price.
Duet officials in London declined to comment.
Habas Tulip is seeking compensation of 3.3 million euros
from Duet and wants it to acquire its remaining shares in NSI
for 50 million euros and pay punitive damages of 10 million
Shares of Tel Aviv-listed Habas Investments, a real estate
group, had slumped to around 12 shekels by last October from a
peak of 80 shekels in May 2013. Trading in Habas' stocks and
bonds have been suspended since October amid liquidation
($1 = 0.7248 Euros)
(Reporting by Steven Scheer)