Israel’s cabinet on Sunday approved a plan to force some of Israel’s largest conglomerates to break up, in an attempt to drive competition and reduce the cost of living.
According to a report in the Chicago Tribune, Israel has one of the highest concentrations of corporate power in the developed world, with 10 of Israel’s largest business groups controlling a whopping 41 percent of public companies.
The new deal may force business conglomerates to choose between major financial or non-financial companies and will limit the number of tiers of their subsidiaries.
Companies will have four years to comply with the new regulations.
About the Author: Malkah Fleisher is a graduate of Cardozo Law School in New York City. She is an editor/staff writer at JewishPress.com and co-hosts a weekly Israeli FM radio show. Malkah lives with her husband and two children on the Mount of Olives in Jerusalem.
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