BRIEF: Cerberus, Gabriel funds sell Leumi stake: The remaining shares were sold at a 4.5% discount to yesterday's closing price.

Tue. June 23, 2009; Posted: 03:35 PM

Jun 23, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) -- DB | Quote | Chart | News | PowerRating -- Deutsche Bank has bought the remaining stake in Bank Leumi (TASE: LUMI) held by the Cerberus and Gabriel investment funds. Deutsche Bank will now look to sell the shares to institutional investors.

Globes reported last week that the funds had decided on the move, and had chosen Deutsche Bank to resell the shares to institutional investors.

The holdings are a block of 67.8 million shares, and they were sold at NIS 9.55 per share, about 4.5 percent lower than yesterday's closing price. The total value of the transaction came to NIS 647.5 million.

Cerberus Capital Management LP and Gabriel Capital Management together bought about a 10 percent stake in Bank Leumi in 2005 for NIS 2.47 billion. Taking into account about NIS 510 million in dividends that they received since then on the shares, the funds lost about 23 percent, or NIS 560 million, on their investment in Leumi.

The funds said last month that Azrieli Group had won a tender to buy slightly less than half the stake held by the funds, about 4.83 percent of Leumi, for NIS 736 million, reflecting a share price of NIS 10.50.

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For full details on Deutsche Bank AG (DB) click here. Deutsche Bank AG (DB) has Short Term PowerRatings of 6. Details on Deutsche Bank AG (DB) Short Term PowerRatings is available at This Link.

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