China's Fosun and Delek extend Phoenix deadline

Yitzhak Tshuva
Yitzhak Tshuva

Delek has given Fosun 30 more days of exclusivity in negotiations to buy the Israeli insurance company.

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, is continuing its talks to reach signing of a binding agreement for China's Fosun Group to buy The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5). In the past few days, the agreed deadline passed in which Fosun had exclusivity to buy the Israeli insurance and financial company. However, a source close to the talks has said that because the talks are moving forward at a satisfactory pace, and because draft agreement have already been drawn up, Fosun's exclusivity in negotiations has been extended for another 30 days.

At the end of January, Delek signed a memorandum of understanding with Fosun to sell it control of Pheonix (42% or up to Delek's full 52.3% holding) for NIS 3.7 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Yitzhak Tshuva
Yitzhak Tshuva
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