Israel’s antitrust court on Thursday, November 28, ruled in favor of the acquisition of Union Bank of Israel by rival Mizrahi Tefahot Bank, overturning an earlier decision by the antitrust authority to block the deal, reported Reuters.
Israel’s third-largest lender late in 2017 agreed to buy Union, the sixth-largest bank, in an all share deal valued at 1.4 billion shekels (US$404 million).
The court overturned a decision from May 2018 by the antitrust authority, which rejected the deal stating the disappearance of Union Bank as a competitor likely would harm competition over private customers in the banking sector. The acquisition received the support of the country’s banking regulator.
Mizrahi appealed this decision in court, arguing that Union Bank’s market share was too small to impact competition.
In accordance with the court’s decision, the acquisition will have to abide by certain conditions that have yet to be determined regarding credit to the diamonds sector.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI