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
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Yitzhak Tshuva