Koor eyes sale of Credit Suisse shares
Board approves change in holding company's investment policy that will enable it to sell shares in Swiss bank of which it owns 2.4%
This will allow Koor "to sell, in the stock market and outside, all or part of its shares in Credit Suisse, from time to time, according to market conditions," the company said on Monday.
This could include the sale of shares via investment banks or brokers, said Koor, which owns 2.4% of Credit Suisse.
Koor initially viewed its stake in Credit Suisse, which it began accumulating before the start of the global financial crisis, as a long-term strategic investment. But the company now considers its holding a financial investment and the change in policy will make it easier to sell.
The board made its decision in the wake of a recovery in the price of Credit Suisse shares in the past year as well as the possibility of a merger between Koor and Discount Investment Corp. Koor and Discount are subsidiaries of indebted conglomerate IDB Holding Corp .
IDB, which owns some of Israel's leading companies, has presented a proposal for a debt restructuring to its bondholders, who have proposed their own restructuring that would oust IDB Chairman Nochi Dankner.
IDB has been selling off assets to reduce its debt.
