Control of Israel's El Al Airlines bought by 27-year-old student

A 27-year-old US-born yeshiva student has secured control of El Al Israel Airlines following a public share offering that was a government condition for the carrier to receive a 75% state-backed $250m loan. Eli Rozenberg’s newly created Kanfei Nesharim Aviation bought $107 million of shares that would give him a nearly 43% stake in Israel’s flag carrier, his spokesman said Thursday. Rozenberg, who resides in Israel, is the son of Kenny Rozenberg, chief executive of New York-based nursing home chain Centers Health Care. The government bought a 15% stake for $34m while the holdings of El Al's current owners, Knafaim Holdings, fell to 15.2% from 38%. Rozenberg in July had offered to funnel $75m into the airline in return for a 44.99% stake. The deal needs approval from parliament’s finance committee. Kanfei Nesharim’s spokesman said Rozenberg will meet Finance Ministry officials next week. He said once Rozenberg is approved, he will seek to make changes to El Al’s board and elsewhere to move the cash-strapped carrier forward. Kanfei Nesharim said it would invest heavily in improving El Al’s service and to upgrade its food service.<br/>