Poland’s state-owned stock exchange group (GPW) said on Tuesday that it had submitted a non-binding offer for a controlling stake in the Tel Aviv exchange, in a move that comes as Polish-Israeli relations are at their lowest ebb for many years.

In a brief statement, GPW said that, along with the Polish development fund (PFR), it had decided to table a bid for a 71.7 per cent stake in the Tel Aviv stock exchange, (TASE).

“At this stage, the offer is preliminary and non-binding; it does not obligate any of the parties to start negotiations,” GPW said on Tuesday. “If the offer is accepted by TASE, then GPW, PFR and TASE may, in the next stage, enter into further talks and negotiations.”

The bid comes amid a row between Poland and Israel over a new Polish law that will make it illegal to falsely and publicly attribute responsibility for or complicity in Nazi crimes to the Polish nation or state. A Polish delegation visited Israel last week for talks on the dispute.

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