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Balkan pull-out

Knafaim-Arkia, the holding company of Israeli airline Arkia, is to sell its 75% holding in Balkan Bulgarian just three months after agreeing the deal with the Bulgarian Government. The decision to sell to an Israeli company sparked Arab government protests. Arkia says the deal was abandoned because incorporating data from the purchase threatens to delay plans by the holding company to sell 10% of its shares.

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