Clal Insurance has announced an offer to purchase all the outstanding shares of investment house Clal Finance.

Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Insurance already owns 81.58% of Clal Finance. The offer is for the remaining 18.42%.

The move, if successful, will result in Clal Finance shares being delisted.

The offer price of NIS 3.30 per share of Clal Finance represents a 15.8% premium over the opening price today.

Trading in shares of Clal Finance Ltd. (TASE:CLFN) was halted after the company informed the Tel Aviv Stock Exchange (TASE) that it will soon be making a significant announcement. Trading will resume at 12:50.

Clal Finance went public in 2007, and since then has fallen 75%.

Published by Globes [online], Israel business news - www.globes-online.com - on September 14, 2010

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