IDB Holding Corp. Ltd. (TASE:IDBH) controlled by chairman Nochi Dankner, is continuing its efforts to sell its investment house unit, Clal Finance Ltd. (TASE:CLFN), held through Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). Apax Partners Israel, run by chairwoman Zehavit Cohen, is reportedly in preliminary talks to buy Clal Insurance's 55% stake in Clal Finance. There are reportedly not yet any understandings between the parties.
Sources at IDB say that it is reviewing several serious inquiries about Clal Finance.
In late 2009, Apax Israel signed a deal to acquire control of Israel's largest investment house, Psagot Investment House Ltd., from York Capital Management and other shareholders.
An IDB spokesman said in response, "The company has received a number of inquiries from serious parties. Beyond that, we won't comment."
Today's report comes on top of a report three months ago that IDB had received offers for Clal Finance, and that it has even begun working with an investment bank to move forward on a sale. IDB said at the time, "As a holding company, IDB Development constantly examines investment opportunities and the sales of companies held by it, and in other companies in Israel and around the world, and it receives and even initiates inquiries for investments and sales."
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2010
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