NEWS

A dozen firms interested in sale of Israel Military Industries

Friday, May 29, 2015

Israel said on Thursday it had received applications from 12 potential buyers to take part in the privatisation of Israel Military Industries (IMI), one of its largest defence contractors.

The government expects state-owned IMI, developer of the Uzi submachine gun and other arms and ammunition, to fetch between $400 million and $650 million and plans to complete the sale by year end.

Applicants include Israel's Elbit Systems, the country's largest publicly traded defence firm, Mivtach Shamir , New York-based holding company Renco Group and London-based Coleridge Capital.

The sale of IMI is part of a broader government plan to sell all of part of eight companies and two ports by 2017, raising around $4 billion.

 

reuters.com

 

Other News