Israeli retailer Blue Square-Israel has said that David Wiessman will be appointed chairman of the board of directors of Blue Square.
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The move comes after Alon Israel Oil Company and Bronfman Fisher Group agreed that Bronfman-Fisher would sell to Alon ordinary shares in Bronfman Alon (the holder of approximately 77.63% of Blue Square’s outstanding shares) for US$30m.
If the transaction is completed, Alon will be entitled to appoint most of the directors in the Blue Square Group and in Bronfman Alon, and the joint control agreement between the parties will be cancelled and replaced by an agreement that reflects the new distribution of holdings.
“The Alon Group and the Bronfman-Fisher Group are convinced that this step will strengthen Blue Square as the leading retailer in Israel,” the supermarket retailer said.
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