Cargo Air Lines in takeover bid?

The moshav movementwill buy the kibbutzim's shares in CAL (43.5%), thereby reaching an 87% majority stake in the company. CALflies annually close to 140,000 tons
 
Rumors spread out last week that an offer had been given by the Moshav Movement to take control over CAL(Cargo Air Lines). The offer had been given to the Organization of Agricultural Co-operatives, which currently owns 87% of the company.
 
CALCargo Airlines was establishment30 years ago, in 1976, and has proved, year after year, that air shipment is feasible and worthwhile. CAL flies annually close to 140,000 tons.
 
Exporting from Israel agricultural fresh produce and industrial materials and importing heavy machinery, automobiles, sensitive and sophisticated industrial and scientific equipment, dangerous goods and live cattle to Israel.
 
CAL was set up mainly in an attempt to create competition to El Al in the field of agricultural cargo and to reduce air-freight costs of export.
 
The Organization of Agricultural Co-operatives is owned equally by the moshavim and the kibbutzim. The rest of the shares are held by the farmers' organizations. It is understood that the moshav Movementwill buy the kibbutzim's shares in CAL (43.5%), thereby reaching an 87% majority stake in the company.
 
CAL refused to comment.