Flextronics exits bid for Israel Military Industries

By Ryan Maass  |  Jan. 15, 2016 at 4:39 PM
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WASHINGTON, Jan. 15 (UPI) -- Flextronics withdrew its bid to acquire Israel Military Industries, leaving Elbit Systems as the sole bidder for the acquisition.

Flextronics, a Singapore-based electronics subcontractor, was bidding for the acquisition through its Israeli unit. The company was one of five entities approved by the Israeli government to proceed. IHS Janes reports that while the other three companies have not formally withdrawn their involvement with the tender, one announced its withdrawal and the other two will not likely actively pursue the acquisition.

Haaretz reports the government may cancel the sale of Israel Military Industries entirely.

The process of privatizing IMI has been stalled by anonymously submitted accusations and conflicts of interest. Elbit Industries, the only remaining bidder for the acquisition, is already Israel's largest private sector defense contractor.

Israeli Finance Minister Moshe Kahlon is expected to review the accusations on Sunday along with Finance Ministry Director General Shai Babad.

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