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Doron Cohen quits Discount Investment, to bid for Cellcom

Outgoing Discount Investment Corporation Ltd. CEO Doron Cohen had decided to forego becoming the company’s chairman after the company decided to consider selling its holdings in Israeli telecom company Cellcom. He has also stepped down as Cellcom chairman.

Cohen said he plans forming a consortium of investors to bid for the controlling core in Cellcom and assuming a senior management position in the company. Cohen’s plans a similar move to Avi Gabbay, who stepped down last year as Cellcom CEO and successfully led a group of investors who bought control of rival telecom company Partner, where he became CEO.

Until June 30, Cohen served as CEO and a member of the board of Discount Investment unit Property & Development.

Discount Investment has a 45.7% stake in Cellcom worth NIS 1.33 billion. After Cohen’s announcement both Discount Investment and Cellcom’s share prices were up over 3% on the TASE today.

Cohen told “Globes,” “Even though there is interest in Cellcom, I think there is nobody to head the takeover, and it’s possible to organize a consortium. But I want to stress that while I served as an executive, I didn’t speak with anybody. It’s not that there is already a group and tomorrow morning or next week I will already bid. That would not fit my values or my integrity.” EN.Globes

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