Migdal Acquires Gindi Brothers' Stake in Golden Mall as Tel Aviv Stock Exchange Awaits New Trading Week

Migdal Insurance is purchasing the 25% stake held by brothers Moshe and Yigal Gindi in the Golden Mall, increasing its ownership from 75% to 100%. The deal, valued at 840 million shekels, includes 400 million shekels for the above-ground retail space and 440 million shekels for a newly completed underground shopping floor. Additionally, the Gindi brothers may receive up to 50 million shekels more depending on the mall's financial performance in the coming year. Migdal also aims to take over the mall's management, currently handled by a company owned by the Gindi brothers. This transaction is connected to a stalled September 2025 deal in the Competition Authority, where Melisron agreed to buy 51% of the mall's shares for 818 million shekels.

Meanwhile, the Tel Aviv Stock Exchange is preparing for a new trading week following slight declines on Wall Street last Friday, with the Dow Jones down 0.1%, S&P 500 unchanged, and Nasdaq down 0.2%. Early futures indicate gains of 0.3% on the Dow, 0.6% on the S&P 500, and 0.7% on Nasdaq. Notable arbitrage gaps appear in leading stocks: Nice shows a positive 6.3% gap returning to Tel Aviv, while semiconductor stocks Nova and Camtek show negative gaps of 4.5% and 3%, respectively. Oil prices are rising, with Brent up 0.7% and WTI up 1.2%. The US 10-year bond yield increased by one basis point to 4.38%, while Israel's 10-year bond yield stands at 3.65%.

The local exchange is about to close June, a challenging month for investors, with the TA-35 index down 9.6% and the TA-125 down 10.4% since the start of the month.