JERUSALEM, June 29 (Reuters) - Gazit-Globe, Israel’s largest real estate company, said on Monday its board approved a plan to buy back up to 20 million of its own shares comprising 11.67% of Gazit’s share capital.
The purchases will be made at 17.29 shekels per share for a total of 345.8 million shekels ($100.6 million), it said in a regulatory filing in Tel Aviv.
The price reflects the closing price of June 28 and is a discount of 42% from the price of six months ago.
Norstar Holdings Inc, which holds 58.33% of Gazit, intends to accept the offer at a level that will maintain its stake in the company, Gazit said. ($1 = 3.4379 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)