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Azrieli eyes Tel Aviv IPO in 2010 - source

Wed Jun 24, 2009 10:04am EDT

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JERUSALEM, June 24 (Reuters) - The Azrieli Group, controlled by Canadian businessman David Azrieli, is planning an initial public offering (IPO) in Tel Aviv next year, a market source told Reuters on Wednesday.

The source said the IPO was still in the planning stages but it would likely be in 2010 at a company value of $1.5 billion to $2 billion and based on 2009 financial results.

The source said Azrieli was meeting with lawyers and underwriters.

Azrieli's Tel Aviv office declined comment.

Azrieli has numerous investments in Israel, including several shopping malls. Last month, the group bought a 4.83 percent stake in Bank Leumi (LUMI.TA), Israel's largest bank, for 740 million shekels ($188 million).

($1 = 3.93 shekels)

(Reporting by Steven Scheer)



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