Son of millionaire US businessman makes £58m bid for stake in El Al Airlines
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Son of millionaire US businessman makes £58m bid for stake in El Al Airlines

Eli Rozenberg's bid would give him a 45 percent stake in the airline, and as an Israeli citizen, he'd be eligible to become the controlling shareholder

El Al plane
El Al plane

Eli Rozenberg, the son of millionaire U.S. businessman Kenny Rozenberg, has made a £58m ($75 million) bid to acquire a large stake in El Al Airlines.

Rozenberg, 30, is a resident of Israel and an Israeli citizen, which makes him eligible to become the controlling shareholder of the airline.

His bid would give Rozenberg a 45% stake in the airline, the Israeli business daily Globes reported. The offer comes through a company the younger Rozenberg owns in Israel.

The airline, known as Israel’s flagship carrier, has been laid low by the coronavirus pandemic.

A government bailout package accepted by the airline last week would include a government-backed loan and a stock offering on the Tel Aviv Stock Exchange. Under the bailout, the state would retain a 61 percent stake in the airline, leading again to its nationalisation. The airline was privatised in 2004.

At the end of June, El Al canceled all passenger flights through the end of the month, as well as cargo flights and other special passenger flights to specific destinations, Globes reported.

Most of El Al’s pilots and other employees are on leave without pay due to the pandemic and a dispute between the airline and its pilots.

Kenny Rozenberg, who lives in New York, owns the Centres Health Care, a national chain of nursing homes and affiliated services in the United States.

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