IDB Development Corp. (TASE: IDBD) controlled, by Eduardo Elsztain, has been granted a deadline extension until tomorrow night by Israel's Ministry of Finance Supervisor of Capital Markets, Insurance and Savings Dorit Salinger, for the sale of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). the latest deadline had expired yesterday.
IDB and Chinese group Macrolink have agreed most of the details of the sale of a controlling stake of 55% in Clal Insurance for NIS 2.4 billion and have overcome the differences that have plagued the negotiations over the past few months. NIS 2.4 billion is a 70% premium on the market price and the payment will be adjusted according to the Israeli company's market cap on the day of the deal.
Several details regarding the deal remain to be ironed out. Macrolink are refusing to agree to a NIS 150 million break-up fee if the deal is cancelled.
Salinger has already once agreed to extend the deadline by five days from December 31 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016 . .