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Warsaw Stock Exchange out of race for majority stake in Israeli bourse

Gielda Papierów Wartosciowych w Warszawie SA was not selected to participate in the next stage of negotiations regarding the purchase of a 71.7% stake in Tel - Aviv Stock Exchange Ltd., the Polish stock exchange operator said March 9.

The shortlist of investors that will continue negotiations with the Israeli bourse includes four bidders, Rzeczpospolita reported the same day without providing the names of the potential buyers. The nonbinding offer submitted jointly by the state-owned Warsaw Stock Exchange and development fund PFR was reportedly the most attractive, but it was rejected due to a deterioration in relations between Poland and Israel, the newspaper noted.

The Polish stock exchange was one of more than 10 foreign stock exchanges that showed interest in acquiring a majority stake in Tel Aviv Stock Exchange, Reuters reported at the beginning of March. Tel Aviv Stock Exchange CEO Ittai Ben-Zeev reportedly said in February that a deal with a potential buyer could be reached by mid-April.