Israel's Cabinet Smashes Mega-Corporations

Israel's cabinet on Sunday approved a plan to force some of Israel’s largest conglomerates to break up, in an attempt to drive competition and reduce the cost of living.

According to a report in the Chicago Tribune, Israel has one of the highest concentrations of corporate power in the developed world, with 10 of Israel’s largest business groups controlling a whopping 41 percent of public companies.

The new deal may force business conglomerates to choose between major financial or non-financial companies and will limit the number of tiers of their subsidiaries.

Companies will have four years to comply with the new regulations.