Luzon does not build on a partnership with Katzman: “I intend to take control of Norstar”

Amos Luzon in negotiations with Barak Rosen and Assi Tochmeier for the acquisition of Israel Canada’s holding in Norstar, a 22% stake in Gazit Globe’s parent company. In the face of Rosen and Tochmeier, who have stated that they will work in cooperation with controlling shareholder Haim Katzman (27.9%), Luzon’s goal is to reach a controlling shareholder position.

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“I’m definitely interested in stocks. I’m not saying no, but we’re just at the beginning of negotiations,” Luzon confirms, adding: “There are price negotiations and good employment prospects, they (Rosen and Tochmeier) want to sell and I want to buy. But we have not decided yet on the price”. The value of Norstar shares currently held in Israel Canada is estimated at NIS 380 million, after Rosen and Tochmeier purchased them at a value of NIS 320 million.

As mentioned, Luzon aims to own Norstar, including Gazit Globe. He said, “Unequivocally I intend to take control, because to come be a partner in the company and not run it and not do what I think – that is not exactly my goal. The goal is to come and manage and do what I know. I do not intend to make wars (against the controlling shareholder). As another shareholder; AA). He (Katzman) will say black, I will say white, he will say white, I will say black – and so society will not progress. On the contrary, the company will run into a deadlock, which will only worsen the situation.

In 2016, Luzon purchased the controlling shares in the construction company A. Dori Midi Katzman for only NIS 10 million. Within six years, the company, which changed its name to Luzon Group, has already been traded at a value of NIS 829 million, and Luzon’s share is already worth almost NIS 600 million. “I see the shares of Norstar today as the shares of Dori. Although a lot of management work is required, I will also be able to flood value there,” Luzon explains.

Rosen and Tochmeier acquired 11% of Norstar in the market in January. Haim Katzman feared a hostile takeover and hurried to meet with them for a night meeting, at the end of which he signed an agreement with them to sell another 10% of his shares, and reached agreements with them that preserve his control of the company. In order to fortify his control, Katzman recently signed a cooperation agreement with another shareholder in the company, Itzik Sela. As part of the agreement, Katzman will receive the voting right of Sela, which holds 5%, and the first right to purchase Norstar securities from it. But according to Luzon’s statements, Katzman will have to take more aggressive steps to maintain his control.

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