Nochi Dankner has broken off talks to sell a stake of IDB Holding Corp. Ltd. (TASE:IDBH) holding company Clal Industries and Investments Ltd. (TASE: CII) to his partner, the Livnat family, and opened talks to sell 40% of the company to
Viola Private Equity at a company value of NIS 3.8 billion. IDB has agreed not to hold talks for a sale of Clal Insurance with third parties for 14 days.
IDB Development Corporation Ltd. owns 60.5% of Clal Industries. On December 25, it announced talks to sell a stake in the company to Avraham Livnat Ltd. at a company of NIS 3.8 billion - a 45% premium on its market cap on that day.
Clal Industries' share price rose 3.8% by early afternoon to NIS 18.71, giving a market cap of NIS 2.9 billion, and IDB Holdings' share price rose 0.4% to NIS 40, giving a market cap of NIS 1.5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2012
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