El Al Israel Airlines Gets $51 Million Offer For Joint Control

Israeli-Russian businessman David Sapir has offered to buy joint control of financially strapped El Al Israel Airlines, promising to use his business ties to return Israel’s flag carrier to profitability, Reuters reported. Sapir, whose businesses include infrastructure, telecoms and tourism, has offered to pay $51 million for 190 million new shares in El Al, which is the same amount of shares held by controlling shareholder Knafaim Holdings (KNFM.TA), and a 20% premium to El Al’s closing share price on Tuesday in Tel Aviv. El Al has been hit hard by the coronavirus outbreak and is in advanced negotiations for a government bailout to avoid bankruptcy. It has reported losses for two years running and racked up debt to renew its fleet, suspended flights when Israel closed its borders and furloughed most of its employees. A spokeswoman for Sapir said El Al’s board planned to discuss Sapir’s plan later on Wednesday. Read more