ISRAEL: Co-Op Blue Square gets OK to sell 78.1% of Blue Square-Israel
Earlier this week, Tel-Aviv's district court approved a plan to sell the assets of the Co-Op, including approximately 78.1% of leading retailer Blue Square-Israel's ordinary shares. The consideration from the sale will be divided among the members of the Co-Op. On 13 February 2002, the Co-Op Management Committee (CMC) submitted an application to Tel-Aviv's district court regarding a plan to sell its assets, including around 78.1% of Blue Square Ordinary Shares. On 19 February, the court instructed the CMC to convene a meeting of the members of the Co-Op pursuant to the provisions of section 350 of the Companies Law, 1999, in order to confirm the settlement between the Co-Op and its members.
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