Bloomberg News

Elbit Imaging Rises to Month High on Eastern Europe Plans

January 12, 2012

Jan. 12 (Bloomberg) -- Elbit Imaging Ltd. rose to the highest level in more than a month after co-Chief Executive Officer Dudi Machluf said the Israeli real-estate company will bolster investment in eastern Europe.

The shares gained 2.9 percent to 12.80 shekels, or the equivalent of $3.33, at 10:37 a.m. in Tel Aviv, reaching the highest intraday level since Dec. 7.

“We’re looking to duplicate this model and to continue to focus on real-estate opportunities,” Machluf said yesterday in a phone interview from Tel Aviv.

Shares of Elbit surged 27.5 percent in New York yesterday to $3.32 after Blackstone Group LP and DDR Corp. agreed to buy U.S. shopping centers from a unit of Elbit for $1.43 billion.

--Editors: Daliah Merzaban, Shaji Mathew

To contact the reporter on this story: Gwen Ackerman in Jerusalem at gackerman@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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