Akirov bids to buy control of Clal Insurance

Alfred Akirov  credit: Eyal Izhar
Alfred Akirov credit: Eyal Izhar

Alrov Properties controlled by Alfred Akirov already has a 15% stake in the Israeli insurance company.

Alrov Properties and Lodgings Ltd. (TASE: ALRPR), controlled by Israeli businessman Alfred Akirov, filed a request on Thursday with the Supervisor of the Capital Market, Insurance and Savings for a permit to control Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). Alrov sent the request by email and tomorrow will submit an official request with documents in writing.

Akirov told "Globes" that if he receives the approval of the regulator, he sees no problem in being able to finance the deal. Alrrov already holds a 15% stake in Clal Insurance Enterprises Holdings Ltd., which has a market cap of NIS 5.3 billion, making the stake worth NIS 800 million. Alrov plans buying another 15% stake for NIS 800 million.

Asked if he plans appointing his son George Akirov to Clal Insurance's board of directors, he said that his family had no plans to take on management of the company. "I have good candidates for the board of directors of Clal including professional people who were in senior positions in banks and insurance companies. We won't take it upon ourselves."

This would appear to be a change of direction. Last month Akirov told "Haaretz" that his son George probably would join the board of Clal Insurance.

Having previously approved Alrov to buy a 15% stake in Clal Insurance, it would be a major surprise if the Supervisor of the Capital Market, Insurance and Savings does not approve its application to buy a further 15% and control of the insurance company.

Published by Globes, Israel business news - en.globes.co.il - on December 5, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Alfred Akirov  credit: Eyal Izhar
Alfred Akirov credit: Eyal Izhar
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018