El Al Israel Airlines (LY, Tel Aviv Ben Gurion) shareholders have approved a 47% stake bid worth USD75million from local Israeli investment outfit, FIMI Fund. Under terms of the deal, FIMI Group will invest up to USD50million by July this year, after which the investor can extend the transaction by two 45-day periods. In return, FIMI Fund will become one of the controlling voters in the airline, along with Knafaim Holdings Limited, an Israeli tourism and aviation services company. Completion of the deal is dependent on regulatory approval as well as the signing of a new labour agreement between El Al and its staff that is acceptable to FIMI.