Swiss food giant Nestlé has increased its shareholding in Israel’s Osem to 53%, following the purchase of 1.8% of the company’s outstanding share capital from Dan and Gad Propper.

The Propper brothers, who run Osem Investments and Osem International, each had 5.9% of Osem until the latest sale. Osem was established in 1942 by the Propper family.

In the first quarter of 2004, Osem netted NIS34.7m (US$5.99m) on NIS615m revenues. In the last ten months, Osem-Nestlé Israel stock has risen 41%; but this year, according to Ha’aretz, the company’s stock has risen by only 3%.