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E 0
The mystery remains. Was it, or
was it not, Cable and Wireless
(C&W), Britain's second-biggest
telecommunications company,
that bought a 4.7 percent stake
in Israeli telecommunications
firm Bezek Past month?
Cable and Wireless's cagey "no
comment" suggests that it prob-
ably was.
There is plenty of logic to the
move. Lord Young, C&Ws chair-
man, has been a frequent visitor
to Israel of late. He has stated
openly that C&W is interested in
becoming a player in the Israeli
telecommunications market.
He has even advised the Israeli
government on privatization and
thinks it is moving too slowly.
So it would not be terribly sur-
prising if he was behind the
provocative purchase.
If G&W was the buyer, it is one
of the more interesting develop-
ments in recent Israeli corporate
and capital market history.
It would mean that one of the
world's telecommunications gi-
ants, a company with a growing
spread of international interests,
including in the Arab world, is ef-
fectively stating that it is inter-
ested in at least a strategic stake
in — and very possibly control of
—Bezek.
And that statement is not via
some press release or cheap talk,
but via an aggressive, anonymous
stock-market purchase.
Had an unnamed buyer
bought a stake of close to 5 per-
cent in British Telecom, or
Deutsche Telekom (were it pub-
licly traded), the governments of
those countries most likely would
be looking at least to know the
identit77 of the buyer.
The israeligovernment's ap-
parent indifference to the share
purchase is therefore puzzling.
There is nothing wrong with
C&W buying the stock or indeed
taking control of Bezek should
things so unfold.
But it is indicative of how lit-
tle the Israeli government un-
derstands the capital market that
it seems barely aware of the de-
velopment. ❑
CD
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NEIL COHEN
SPECIAL TO THE JEWISH NEWS
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TITAIMMI
Stock Purchase
Could Be Historic
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PAUL MILGRIM
Mercedes Benz
17 Years Experience With Mercedes Benz
The Best in Personalized Service
The Best Price with No Hassle
No High Pressure - Only STRAIGHT TALK!
Pick-up & Delivery with a Loaner Car
From "C" Class to "S" Class - Whatever You Desire!
Lease or Buy - New or Used
ot WOOD MOTORS
Gratiot at 8 Mile
(313) 245-0619 or 372-2600
LantinattlWA.
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le HAPPY IF
MOTHER'S DAY
BARBARA GOLDS
Your'e The Best!
Love Always
Your Son,
Danny
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