Federmann Group Increases Holdings in Elbit Systems(Haifa, Israel, November 27, 2006) -- Elbit Systems Ltd. (NASDAQ: ESLT) (the "Company") announced that the Federmann Group purchased today from Koor Industries Ltd. ("Koor") 2,350,000 of the Company's shares. Following the purchase, the Federmann Group owns approximately 45.4% of the Company's outstanding shares.
Concurrently with the purchase of the shares, the Federmann Group and Koor terminated the shareholders agreement between them entered into in December 2004 regarding their holdings in the Company's shares. Also, in connection with the transaction, Jonathan Kolber, Koor's nominee to the Company's Board of Directors, announced his resignation as a director of the Company.
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Source : Elbit Systems