SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO.1)
_________________________________________________________________
AMPAL - AMERICAN ISRAEL CORPORATION
_________________________________________________________________
(Name of Issuer)
Class A Stock, par value $1.00 per share
_________________________________________________________________
(Title of Class and Securities)
032015 10 9
_________________________________________________________________
(CUSIP Number of Class of Securities)
Kenneth L. Henderson, Esq.
Robinson Silverman Pearce Aronsohn & Berman LLP
1290 Avenue of the Americas
New York, New York 10104
(212) 541-2000
_________________________________________________________________
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 12, 1996
_________________________________________________________________
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of
this Statement because of Rule 13d-1(b)(3) or (4), check the
following: ( )
Check the following box if a fee is being paid with this
Statement: ( )<PAGE>
SCHEDULE 13D
CUSIP No. 032015-10-9
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
REBAR FINANCIAL CORP.
- -----------------------------------------------------------------
__
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |__|
__
(b) |__|
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3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
BK, AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED __
PURSUANT TO ITEMS 2(d) or 2(E) |__|
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
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7 SOLE VOTING POWER
NUMBER OF 7,242,352*
SHARES -------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY -------------------------------------------------------
9
EACH SOLE DISPOSITIVE POWER
7,242,352*
REPORTING
PERSON -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
WITH
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,242,352*
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES __
CERTAIN SHARES* |__|
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.4%*
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- ----------------------------------------------------------------
* The Reporting Person has a right to acquire 5,742,351 shares
of Class A Stock and up to an additional 1,500,000 shares of
Class A Stock or Common Stock pursuant to a Stock Purchase
Agreement dated May 12, 1996.<PAGE>
Item 1. Security and Issuer
This Statement relates to the acquisition by Rebar
Financial Corp. ("Rebar") of up to 7,242,352 shares of Class A
Stock, par value $1.00 per share (the "Class A Stock") of Ampal-
American Israel Corporation (the "Issuer"). The principal
executive offices of the Issuer are located at 1177 Avenue of the
Americas, New York, New York 10036.
Item 7. Materials Filed as Exhibits
Exhibit No. 1 Stock Purchase Agreement (English
translation), dated May 12, 1996, by and
among Bank Hapoalim B.M., Atad Hevra
Lehashkaot Limited, and Rebar Financial
Corp., Benjamin Steinmetz, Daniel Steinmetz
and Raz Steinmetz, which was described in the
Schedule 13D previously filed by Rebar, the
binding version of which is in Hebrew.
(Incorporated by reference to Exhibit 1 to
Amendment No. 32 of Schedule 13D filed by
Bank Hapoalim B.M. on May 28, 1996.)
After reasonable inquiry and to the best of its
knowledge and belief, the undersigned certifies that the infor-
mation set forth in this statement is true, complete and correct.
REBAR FINANCIAL CORP.
By:/s/ Benjamin Steinmetz
-----------------------
Name: Benjamin Steinmetz
Title: President
Dated: May 29, 1996
