Universal Motors Israel Ltd. made an offer to acquire remaining 23.64% stake in Kardan Vehicle Ltd. (TASE:KVCL) for approximately ILS 110 million on December 5, 2013. The offer per share is ILS 33.23 and the offer will close on December 19, 2013. As of January 1, 2014, all the conditions were fulfilled.

Universal Motors Israel Ltd. completed the acquisition of remaining 23.64% stake in Kardan Vehicle Ltd. (TASE:KVCL) on January 20, 2014.