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Israel: Landmark legislation takes aim at monopolies

 |  December 10, 2013

A landmark bill passed in Israel Monday that looks to overhaul the nation’s economic structure by reducing the amount of control near-monopolies have.

The bill calls for pyramid-structured companies to reduce their structure to three tiers of companies in the next four years; in the next six years, the companies will be required to reduce their structure to two tiers. The new law also forbids cross-ownership of a financial and non-financial entity with assets worth more than $11.4 billion.

Finance Committee head Nissan Slomiansky said the bill has “radically changed the economy’s future structure” as politicians look to reign in control of dominant companies. The legislation passed with a 73-0 vote with one abstention.

Full Content: Haaretz

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