Israeli flag-carrier El Al has withdrawn its preliminary offer to invest in credit-card and financial services firm Isracard, citing time constraints.
The airline had disclosed a non-binding offer in mid-October to take a 45% shareholding in Isracard, through a private placement.
But El Al states that Isracard set a “short timeframe” with “no possibility of extension”.
Investment would demand an “extensive” examination process, the carrier adds, and the time limit means it is “unable to complete all the required inspections”.
“In accordance with a decision of the [El Al’s] board of directors…the company withdraws its offer,” it states.
El Al will continue exploring business opportunities compatible with its strategic plan to expand its portfolio of products and services, including those in the finance and credit sector.
