Liora Ofer

Liora Ofer is the chairwoman of the Israeli firm Ofer Investments and one of Israel's two female billionaires. She owns stakes in Mizrahi Tefahot Bank and Melisron,[1] and is a director of Mizrahi Tefahot Bank.[2]

Liora is the daughter of Israeli billionaire Yuli Ofer who founded the firm with his brother Sammy Ofer. Yuli Ofer died in 2011, leaving most of his assets to Liora.[1] Yuli changed his will in November 2008, leaving his entire 36.7 stake in Ofer Investments to Liora.[3] Yuli's first will signed in April 2008 had divided the estate equally, but his son Doron, who already owned a 15% stake in the company, was left out of the final will. Sources close to the family have speculated that the change in the will may have been precipitated by Doron's objections to splitting the family's holdings in Mizrahi Tefahot Bank and Melisron.[4] In 2013 a legal dispute between Liora and her brother Doron concluded in Liora's favor.[5]

Israel's Promotion of Competition and Reduction of Concentration Law, also called the Business Concentration Law set a December 2019 deadline for Israel's largest holding groups to divest some of their holdings. The law, which was passed in 2013, bars companies from holding significant financial and non-financial assets at the same time.[6] Rather than divest, the Ofer family preferred to divide some of their assets to comply with the laws requirements. Liora will sell shares in Mizrahi Tefahot Bank to her cousin Eyal Ofer and will receive shares in Melisron.[7] Liora, her brother Doron, and their cousin Eyal collectively control 22.5% shares in Mizrahi Tefahot Bank and 60.8% of shares in Melisron. The family's compliance with the Business Concentration Law is required for Mizrahi Tefahot Bank's proposed acquisition of the Union Bank of Israel to be approved by the Israel Antitrust Authority, which is currently considering the proposal.[2] Under the arrangement announced on March 18, 2016 Liora will have exclusive control over the family's holding in Melisron. Liora made a public announcement saying explaining: "My decision to remain with the investment in real assets reflects my confidence in the Israeli real estate market."[7]

References

  1. 1 2 "Liora Ofer". Forbes. Archived from the original on 2018-03-21. Retrieved 2018-03-20.
  2. 1 2 "Ofer family divides assets - Globes English". Globes. Archived from the original on 2018-03-18. Retrieved 2018-03-20.
  3. ↑ Raz, Hila; Coren, Ora (2011-10-17). "Family Feud Heats Up as Yuli Ofer Leaves Most to Daughter". Haaretz. Archived from the original on 2018-03-21. Retrieved 2018-03-20.
  4. ↑ "Ofer family squabbles over inheritance". Ynetnews. Archived from the original on 2018-03-21. Retrieved 2018-03-20.
  5. ↑ Neuman, Efrat (2013-12-27). "Liora Ofer Wins Inheritance Dispute With Brother Doron Ofer". Haaretz. Archived from the original on 2018-03-22. Retrieved 2018-03-20.
  6. ↑ "Israel's Ofer family to split Mizrahi bank and Melisron". Reuters. 2018-03-18. Archived from the original on 2018-03-22. Retrieved 2018-03-21.
  7. 1 2 Azran, Eran (2018-03-18). "Israeli Family Business Empire to Split Assets, Rather Than Divest Them". Haaretz. Archived from the original on 2018-03-19. Retrieved 2018-03-20.
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