Migdal Insurance is bidding to buy a former Histadrut pension fund. Harel Insurance: Negotiations were successful.
Migdal Insurance (TASE:MGDL) will not join the Histadrut's (General Federation of Labor in Israel) pension venture, nor will it sign a cooperation agreement. Migdal CEO Izzy Cohen confirmed the report to "Globes". "Since we're a candidate to buy a former Histadrut pension fund, we have no interest in cooperating with a venture designed to attract members of an existing fund," explained Cohen.
Migdal apparently will be the only large Israeli insurance company that will not participate in the Histadrut pension venture. Harel Insurance Investments (TASE:HARL1; HARL5) chairman for investments and pensions Muky Abramovich confirmed today that the company's negotiations with the Histadrut had been completed successfully. "We're ready to sign, which I think will happen next week," he said.
The Histadrut also expects to sign agreements with Clal Insurance (TASE:CLIS) and Israel Phoenix Assurance (TASE:PHOE1; PHOE5). Menorah Holdings (TASE:MORA1; MORA5) has reportedly changed its original position, and has opened negotiations with the Histadrut. Menorah Holdings CEO Ari Kalman declined to comment on the matter.
No response from the Histadrut was available by web-posting.
Published by Globes [online] - www.globes.co.il - on April 22, 2004