JERUSALEM Jan 8 The new owners of debt-ridden
Israeli conglomerate IDB Group have named Aharon Fogel as
chairman, a spokesman said on Wednesday.
Until September, Fogel had been chairman of Migdal Insurance
and Financial Holdings for 13 years.
Fogel's nomination still needs bondholder approval with a
vote expected next week. Then, it would need final approval from
a court which has overseen IDB's debt restructuring.
Fogel, a former director-general of the Finance Ministry,
had been on a short list of names IDB's bondholders had
submitted to the court last summer.
Control of IDB is being transferred to Argentinian
businessman Eduardo Elsztain and his Israeli partner Moti
Ben-Moshe after the court this week approved their debt
settlement that was widely backed by creditors.
Fogel would succeed Nochi Dankner, once one of Israel's most
IDB is one of 10 large business groups that control about 30
percent of the market value of Israel's public companies.
IDB controls Cellcom, Israel's biggest mobile phone
operator, and leading supermarket chain Super-Sol, Clal
Insurance and many other companies.
IDB Holding, which is at the top of the
pyramid-style conglomerate, owes bondholders 2 billion Israeli
shekels ($570 million) and its subsidiary IDB Development
owes a further 5.8 billion. Once bondholders get
their money, expected this month, IDB Holding will cease to
($1 = 3.5080 Israeli shekels)
(Reporting by Steven Scheer)