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August 30, 2014 / 4 Elul, 5774
At a Glance

Posts Tagged ‘IDB’

Wealthy Argentine Chabadnik Set to Take over Israel’s Giant IDB

Monday, December 9th, 2013

Eduardo Elsztain, Argentina’s richest man and a follower of Lubavitch-Chabad, along with Israeli entrepreneur Motti Ben-Moshe, is set to take control of 75 percent of Israel’s giant and debt-ridden IDB Holding conglomerate that has its fingers in supermarkets, paper, mobile phone, insurance and cement companies.

Credit holders have overwhelming voted for Elsztain and Ben Moshe to enter and take control from Nochi Dankner, who says he will put up a fight against the buy-out.

Israel’s Big Business elite, approximately seven companies that control more than half of the manufacturing in the country, is dominated by Israel’s richest families, almost all of them left-leaning and secular, a term that does not necessarily mean anti-religious and often includes men like Dankner who observe traditions and are respectful of Judaism.

The entry of a Haredi could be a sign of something spiritual happening, or it could not.

The facts are that Elztain’s representative in Israel has been Shlomo Lapidus, a Haredi businessman and also from one of the wealthiest families in Buenos Aires. A textile company founded by his father is translated into English as “With G-d’s Help.”

Elsztain is president of Chabad, has served as treasurer of the World Jewish Congress, founded Hillel in Argentina and is a big investor in the Taglit-Birthright program.

Big Bucks execs like to jet around the world and visit expensive hotels, but Elsztain does not let that keep him from visiting the graves of righteous Jews when he visits Israel.

This may not be a new trend, but it bears watching.

Wouldn’t it be interesting to see a chain of markets in Israel welcoming buyers with an image of the Rebbe?

Argentinean Jew Investing in struggling Israeli Conglomerate

Wednesday, June 5th, 2013

Argentinean real estate mogul Eduardo Elsztain said he will invest $75 million in Israel businesses, including $57 million in the struggling IDB group and $18 million in Ganden Holdings, both controlled by Israeli businessman Nochi Dankner.

In February Elsztain, a vice president of the World Jewish Congress, bought a 10 percent stake in Ganden for $25 million.

“We believe that IDB is a very strong company. We have studied it and we like the business,” Elsztain said Tuesday during a news conference held at IDB headquarters in Tel Aviv.

“I’ve invested in Israel before. I came here with a strong desire to make a substantial investment in IDB. We think that the Israeli economy is strong and I want to inject the capital immediately. Of course it does not depend only on us, we also need the approval of the court.”

Under the deal, Dankner and Elsztain reportedly would jointly control Ganden, and Elsztain also would become vice chairman of IDB.

Elsztain is a supporter of several Argentinean Jewish institutions and projects. In recent years he has supported Chabad social programs and Jewish youth-related projects. He also is the chair of the Business Advisory Council of the World Jewish Congress.

Makor Rishon Buys Maariv

Sunday, September 9th, 2012

As JewishPress.com first reported last Thursday, Shlomo Ben-Zvi, the publisher of the national-religious paper Makor Rishon announced the purchase of the struggling Maariv newspaper on Friday. Maariv is the 3rd largest paper in Israel. It was owned by Nochi Dankner and IDB, and had recently announced it would be going completely digital, except for the weekend editions.

The sale was for NIS 85 million shekels.

Ben-Zvi plans to retain only up 15% of the current Maariv staff, mostly editorial personnel.

Makor Rishon does not own a printing press and outsources its printing, and perhaps surprisingly, Ben-Zvi did not purchase Maariv’s printing press. Leaving open the possibility that Yisrael Hayom may still eventually purchase it.

Ben-Zvi lives in Efrat.

Printed from: http://www.jewishpress.com/news/breaking-news/makor-rishon-buys-maariv/2012/09/09/

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