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Migdal Insurance to join Viola in Clal Industries bid

11 Jan, 2012 11:18
שלח תגובה במיילGuy Katsovitch

Migdal is in talks with Viola Private Equity to participate in the acquisition of Nochi Dankner's industrial holding company.

Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) is in talks with Viola Private Equity to participate in its possible acquisition of the controlling interest in Clal Industries and Investments Ltd. (TASE: CII) from Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH). Viola is in talks with IDB to acquire 40% of Clal Industries for NIS 1.5 billion, reflecting a company value of NIS 3.8 billion.

Viola lacks the wherewithal to make the acquisition on its own, which is why it needs partners in the proposed deal.

IDB Holdings subsidiary IDB Development Corporation owns 60.5% of Clal Industries. The company's holdings include Nesher Israel Cement Enterprises Ltd., Hadera Paper Ltd. (AMEX: AIP; TASE: AIP), Jordan Valley Semiconductor Ltd., fashion company Golf & Co. (TASE:GOLF), Cargal Ltd. (TASE: KRGL.B1), Bet Shemesh Enginesn Ltd. (TASE: BSEN), Clal Energy Ltd., Kitan Textiles Industries Ltd., and Infinity Private Equity's Infinity Israel-China fund.

Migdal's share price fell 0.2% in morning trading today to NIS 5.28, giving a market cap of NIS 5.6 billion, Clal Industries' share price rose 1.5% to NIS 18.87, giving a market cap of NIS 2.9 billion, and IDB Holding's price fell 1.5% to NIS 39.46, giving a market cap of NIS 1.5 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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