Eyal Lapidot, who is leaving his post as CEO of The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) to take up the post of CEO of Shikun & Binui Holdings Ltd. (TASE: SKBN), may join Mori Arkin and Yakir Gabay and buy 5% of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). Lapidot has joined the deal as the holder of an option to buy the stake in Clal Insurance.
On Thursday, IDB Development, controlled by Eduardo Elsztain, sold 4.99% of Clal Insurance to Arkin and 4.99% to Gabay, for a total of NIS 270 million.
As far as is known, Lapidot seeks a stake in Clal Insurance as a passive investor, and not as part of a broader move to obtain a managerial position in the company. He sees himself as CEO of Shikun & Binui, controlled by Naty Saidoff. A far as Lapidot is concerned, this will be a holding in an insurance company based on his faith in the sector, in addition to his 1% holding in Phoenix.
Mori Arkin's investment manager, Yaniv Cohen, was until a few months ago investment manager of Amitim, of the Phoenix group, under Lapidot. Before that he managed Amitim's nostro investments.
Lapidot resigned as CEO of Phoenix at the start of this month after a very successful decade in the post.
In addition to the sale of shares, IDB Development also gave Arkin and Gabay an option to buy a further 3% of Clal Insurance, but any holding of 5% or more in an insurance company requires a permit from the Capital Market, Insurance and Savings Authority.
Published by Globes, Israel business news - en.globes.co.il - on May 5, 2019
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