The Israel Cabinet last night gave its final approval to a plan under which it will purchase approximately 51 percent interest in the Palestine Electric Corporation, one of Israel’s largest public utilities.
In effect, this means nationalization of the corporation. However, the government is not particularly anxious to own stock in the company and has offered to sell its shares at the same rate it is purchasing them. The government has already loaned the company some 20,000,000 pounds which it obtained partly from the Export-Import Bank loan and partly from German reparations payments.
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