Sources inform ''Globes'' that Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) is in negotiations to acquire financial and pension management company Shekel Group from founder and chairman Meir Uzan. Market sources believe that the price tag for the company is NIS 90-100 million, and could go higher.
Clal Insurance initiated the talks. Sources believe that another insurance company is also interested in Shekel Group. Shekel Group was founded in 1979 and is Israel's third largest insurance agency, and largest independent agency. The company comprises Shekel Insurance Agency Ltd., Meuzan Pension Consulting Ltd., Niva Software and Pension Consultancy Ltd., A. Shekel Actuary Services Ltd., portfolio management company Shekel AGIO, and personnel agency HRF Ltd.
Uzan has not concealed his ambition to turn Shekel Group into a combined insurance, pension, and financial management company.
Both Clal Insurance and Shekel Group denied that they were in talks.
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2008
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