The claim follows Phoenix cancellation of its acquisition agreement for Excellence Investments.
Excellence Investments Ltd. (TASE:EXCE) controlling shareholders Roni Biram, Gil Deutsch and Esther Deutsch today filed a claim for NIS 752 million in the Tel Aviv District Court against Phoenix Investments and Finances Ltd., and its parent company Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5). Also named in the suit were Assaf Bartfeld the CEO of Delek Group Ltd. (TASE:DLEKG), the controlling shareholder of Phoenix and Chairman of Phoenix Investments and Finances Dr. Ehud Schapira.
The claim follows Phoenix cancellation of its acquisition agreement for Excellence Investments last week. Biram and Deutsch claim that Phoenix's agreement to acquire their shares in Excellence was clear and unequivocal and they have the right to sell the shares to the Phoenix.
Phoenix have not yet file a statement of defense.
Published by Globes [online], Israel business news - www.globes-online.com - on March 8, 2009
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