Sheri Arison distributed 53.5 million shares of Bank Hapoalim, which constitute 4% of the bank's shares

Sheri Arison takes another step on the way to parting ways with Bank Hapoalim: Today, Arison Holdings, owned by Sheri Arison, distributed 53.5 million shares of Bank Hapoalim, which constitute 4% of the bank's shares.
The shares, distributed through foreign investment banks Goldman Sachs and City, were sold for $ 430 million (NIS 1.4 billion) - a discount of almost 5% on the market price.
Following the sale, Arison will hold 11.8% of Bank Hapoalim's shares with a market value of NIS 4.1 billion. Bank Hapoalim is currently traded at a market value of NIS 35.5 billion and is the bank with the highest market value in Israel.
Arison began its process of parting ways with the bank in late 2018, in September. It then received approval from the Supervisor of Banks to cease to be the controlling owner of the bank, and to sell its shares within four years from the moment it starts to do so, when it also has an option to receive a two-year extension.
Once approval was given, Arison ceased to be considered a controlling shareholder, 21 years after her family became the controlling shareholder, and the directors on her behalf resigned.
Shortly afterwards, in November, Arison sold 4.3% of the bank's shares for NIS 1.4 billion, lowering its holding to 15.8%.
Arison took control of Bank Hapoalim in 1999, after her father, Ted Arison, acquired control of the bank (43%), along with a group of American investors and the Dankner family in 1997.
Arison Sr. and the group acquired control for $ 1.36 billion, reflecting the bank's value of $ 3.2 billion. Subsequently, Arison acquired the shares of the American partners and the Dankner family for about $ 500 million, so that in 2007 it became the sole controlling owner of the bank.
Over the years, Sherry Arison has sold $ 300 million worth of shares, less the debt, leaving her with a holding of close to 21% - the one that was on the eve of the approval given to her in 2018 to cease to be controlling.