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creating the largest non-governmental defense electronics company in Israel. Elron sold its shares in Elbit Systems for approximately $197 million in 2004. Following the merger with El-Op, Federmann become the largest shareholder of the combined group. Following its merger, Elbit acquired Elisra, assets of Israel Military Industries' Aircraft Systems Division, and Mikal Ltd. Elbit subsequently announced a cash tender offer for the 12.15% remainder of ITL

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