•

12 MONTH
CERTIFICATE

Clal CEO
Gives Resignation

Jerusalem (JPFS) — Clal Israel
President and Chief Executive
David Wainshal resigned after
five and a half years with the
group.
Mr. Wainshal's announce-
ment took most of the Israeli
business sector by surprise. The
company's board of directors is
expected to meet to discuss the
resignation.
In a letter to Eliyahu Cohen,
a representative of the compa-
ny's major shareholder, IDB De-
velopment, Mr. Wainshal said
changes he has made at the
company have reached a stage
that enable him to resign.
Among his major achieve-
ments, a company spokesman
said, was the reorganization of
Clal's headquarters and struc-
ture.
Clal is one of the three biggest
holding companies in Israel. It
operates through more than 120
subsidiaries and affiliates in in-
dustry, trading, construction,
insurance, tourism and the cap-
ital markets.
Among its many holdings are
Scitex, Polgat, Sunfrost and
Azorim.

Tie-Rack
At Ben-Gurion?

The British-based Tie-Rack
store told the Jerusalem Post it
is very keen to open a retail out-
let at Ben-Gurion Airport.
"We have had discussions
with the airport authority in Is-
rael and we would very much
like to open at the airport," said
Chairman Roy Bishko.
The company, which has
some 380 shops in total, has 84
stores at 51 airports in 21 coun-
tries. "We think Tie-Rack would
do very well in Israel," said Mr.
Bishko.

Tadiran Firms
Venture Fund

•

Jerusalem (JPFS) — Tadiran is
in advanced negotiations with
Templeton, a U.S. investment
firm, to establish a $70 million
venture-capital fund, according
to media reports.
A Tadiran spokesman de-
clined to confirm or deny the re-
port, adding that the company's
general manager is currently
overseas. Several months ago,
Tadiran announced it would es-
tablish a venture-capital fund
to invest in high-tech compa-
nies, mainly start-ups engaged
in activities similar to those of
Tadiran.
Templeton and Tadiran each
will invest $10 million in the

5.75'
5.8 7k

fund and the two companies will
raise the remaining $50 million
from other investors, according
to reports. The fund will invest
in technology firms in Israel and
abroad.
Florida-based Templeton
manages investment portfolios
for some of America's largest
firms.

INTEREST RATE

A.F.Y .1*

French Dairy
Purchases Stock

Jerusalem (JPFS) — The
French-based dairy giant
Danone is expected to sign an
agreement to purchase about 20
percent of Strauss Dairies in
Nahariya in one- to three-
months time, Strauss chairman
of the board and CEO Michael
Strauss said.
Danone representatives met
with Strauss heads in Israel in
order to formulate the deal.
Strauss said there are still a
number of technical issues that
the companies' lawyers and ac-
countants have to finalize be-
fore the agreement is signed.
It is estimated that the shares
will be sold for $50 million to
$60 million, based on a compa-
ny valuation of $250 - $300 mil-
lion, but Strauss refused to
comment on the sum.
Strauss is Israel's largest pri-
vately owned food manufactur-
er. The partnership with
Danone is expected to help
Strauss develop into new fields,
including baby food.
Strauss already uses the
Danone brand name — Danon
— on some of its yogurt prod-
ucts.
Sources in the food sector
speculate that Danone's entry
into Strauss will be followed by
the French dairy's entry into
Elite Industries, in which
Strauss is a partner.

Publicity
Deadlines

The normal deadline for
local news and publicity
items is noon Thursday, eight
days prior to issue date. The
deadline for birth announce-
ments is 10 a.m. Monday,
four days prior to issue date;
out-of-town obituaries, 10
a.m. Tuesday, three days pri-
or to issue date.

All material must be type-
written, double-spaced, on
8'/2 x 11 paper and include
the name and daytime tele-
phone number of sender.

60 MONTH
CERTIFICATE

6.00%
6.13 0 10

INTEREST RATE

A.P.Y./*

These are fixed rate certificates of deposit that are insured by Federal Deposit
Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00
is required to obtain the stated Annual Percentage Yield.

Ela9stiter Bank

CALL (810)338-7700 or (810)352-7700

EQUAL HOUSING
OPPORTUNITY

Federally Insured

to 510).000

*

*

Main Office 2600 Telegraph Rd. Bloomfield Hills, MI 48302

'

■

• • .::,`

11 4444.** -

*Annual percentage yield when compounded quarterly. Rate is accurate as of 11/8/96. Penalty for early withdrawal from certificate accounts may be assessed.

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59