Russian-Israeli businessmen Leonid Nevzlin, Mikhail Brudno and Vladimir Dubov are to buy a controling stake in Israel Petrochemical Enterprises. The three will buy 20% of Modgal, Israel Petrochemical's parent company from the Belgian company Plastiche Holding. This deal marks their first investment in Israel, and will be through their international investment company, Menatep.
Menatep will also be allocated a further 7.5% stake in Modgal, for an undisclosed amount. Following the transaction, Menatep will own 26% of Israel Petrochemicals, through its subsidiary Alder. Indirectly, it will hold a further 14.8%. Modgal's major shareholders - David Federman (former owner of Elite confectionery company), Jacob Gottenstein and Alex Passal - will hold 69.5%of Modgal after the deal is complete.
21-Mar-05 
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