Kardan NV (TASE: KRNV;AEX:KARD) is close to an agreement for the sale of its 98.4% holding in water infrastructures company Tahal Group to the Fortissimo Capital fund for $120-130 million (NIS 412-446 million). According to market sources, the deal can be expected to be signed within the next few days, subject to agreement on the final price and accompanying terms, this after the attempt to sell Tahal to Chinese buyers failed.

Nevertheless, the series B bondholders in Kardan NV and the trustee of the series, Hermetic Trust, may try to scuttle the deal. The trustees, who have been in constant touch with Kardan NV’s management, called a bondholders meeting for this afternoon to discuss the company’s situation and the action to be taken…

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