The board of Koor Industries Ltd. (TASE:KOR) has decided to double its investment in Credit Suisse Group (NYSE: CS; SWX: CSGN; XETRA: CSGZ) to up to NIS 3 billion. Koor said that it will make the purchases from time to time on the basis of opportunities in the markets, and at the company's discretion.
Koor is a subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner, held through Discount Investment Corporation (TASE: DISI). Last week, Dankner told "Globes",
"We're pleased each day that Credit Suisse's share falls. This suits our strategy, and lowers the average price of the investment."I am not pleased.
Credit Suisse has been badly battered by the global financial mess (shares from 70 to 45 see chart) but is coming out very strong from the night. Nochi may have made his move in the bottom. Only G-d know the future, and he is saying nothing.