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Earlier in 2005, Cerberus and Gabriel have bought a 9.99% stake in Leumi for $500 million. At a later stage, the American hedge funds have failed to obtain regulatory approvals to own a controlling interest in the Israeli bank.
Following the problems encountered due to the Bernard Madoff affair and losses in the US financial sectors, the two hedge fund groups have decided to sell their Leumi shares, according to reports.
Israeli law firm Herzog, Fox & Neeman has led an effort to sell the Cerberus-Gabriel holdings in the bank.
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