Sunday, August 9th 2020   |

Son of millionaire US businessman makes $75 million bid for major stake in El Al Airlines

JERUSALEM (JTA) — Eli Rozenberg, the son of millionaire U.S. businessman Kenny Rozenberg, has made a $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 nationalization. The airline was privatized 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 Centers Health Care, a national chain of nursing homes and affiliated services in the United States.

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