/ By Irit Avissar and Efrat Peretz /Sources inform ”Globes” that financial consultancy firm Giza Singer Even Ltd. is trying to organize an investors group to acquire control of Dexia Israel (Public Finance) Ltd. (TASE:DXIL) from Dexia NV/SA (Euronext: DEXB), controlled by the French and Belgian governments. Giza Singer Even is trying to interest investors to acquire Dexia Israel as a group or separately, and it is simultaneously in preliminary talks with a group for this purpose to examine ways to acquire the company, which has a complicated ownership structure with five kinds of shares.
Dexia Israel has NIS 770 million in equity and a market cap of NIS 510 million (a capital multiple of 0.66). It has a very high capital adequacy ratio of 20.6% (compared with an average of 9% for Israel’s other banks), but an acquisition involves first completing a number of steps.
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Published by Globes [online], Israel business news – www.globes-online.com – on March 17, 2014