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Mar. 7, 2007 7:32 Gov't approves sale of Military Industries By ALISA ODENHEIMER, BLOOMBERG The government approved a plan to move forward with the sale of state-owned arms maker Israel Military Industries Ltd., overruling Defense Minister Amir Peretz who has said job losses involved would damage the economy. The company, known as IMI, has been in a "continuous state of financial crisis" which has grown worse in the last decade, the Finance Ministry said Tuesday in announcing the decision. Israel has propped the company up with NIS 10 billion in aid and loan guarantees in the past 10 years, it said. "During the past year, there has been an additional deterioration in the state of the company and as of today it is behind on payments to suppliers to the tune of hundreds of millions of shekels and is having trouble paying its workers," the Finance Ministry said. The sale of IMI, which once made the Uzi submachine gun, is part of Israel's effort to sell more state companies to make the economy more efficient. The Knesset last week approved a plan to sell parts of Israel Electric Corp., the electricity monopoly, to create competition in the industry. Tuesday's decision will allow state-owned companies Israel Aerospace and Rafael to compete for the purchase of IMI's Givon and Maltam units. Under the original August 2005 plan, the units were to be sold to Rafael prior to the IMI sale. Peretz, the former chief of the Histadrut Labor federation, wants to merge IMI with Rafael Armament Development Authority Ltd. or Israel Aerospace Industries Ltd. instead of selling it. Prime Minister Ehud Olmert, who was finance minister when the August 2005 plan was drafted, said last month the government should proceed with the sale. Domestic and international companies will be able to bid for IMI, according to the terms of the 2005 cabinet decision. +++ ------------------------ Yahoo! Groups Sponsor --------------------~--> See what's inside the new Yahoo! Groups email. http://us.click.yahoo.com/0It09A/bOaOAA/yQLSAA/TySplB/TM --------------------------------------------------------------------~-> -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/osint/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
