El Al to merge Sun d’Or Unit with Israir

El Al Airlines has reached a preliminary agreement to merge its Sun d’Or unit with the smaller carrier Israir. Under the terms of the agreement, El Al will buy Israir from the IDB group, which is controlled by Argentinian investor Eduardo Elsztain, for $24 million plus a 25% stake in the merged company. The price doesn’t include Israir aircraft, which the company is expected to sell to a third party and lease back, or El Al will have to buy the aircraft that have an estimated cost of $70 million. The merger will enable El Al to better compete in