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Israeli antitrust authority opposes Mizrahi Tefahot Bank/Union Bank merger

As expected, Israel's antitrust authority opposed the 1.4 billion-shekel merger between Mizrahi Tefahot Bank Ltd. and Union Bank of Israel Ltd., saying it was likely to harm competition, Reuters reported May 30.

The regulator said its decision was final. However, the parties reserve the right to contest the decision through an appeal.

As of May 29, US$1 was equivalent to 3.59 Israeli shekels.