Nochi Dankner is close to selling Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) to Hong Kong-based Hang Lung Group Ltd. (HKSE: 0010). The TASE has suspended trading in the shares of Clal Insurance and its parent company IDB Holding Corp. Ltd. (TASE:IDBH) as well in the bonds of IDB Development Corporation, ahead of an announcement.
IDB will apparently sell 27.5-33% of Clal Insurance at a company value of NIS 4.5 billion, a 23% premium on its market cap. IDB Holding's wholly-owned subsidiary IDB Development owns 55% of the company. Hang Lung will also receive an option to buy the rest of IDB's shares in Clal Insurance, which would complete its takeover of the company.
On Tuesday, "Globes" reported that American International Group Inc. (NYSE: AIG) dropped out of the race to acquire Clal Insurance.
The Tel Aviv District Court has ordered IDB to sell half of 55% stake in Clal Insurance by August 22.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2013
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