China's Macrolink Group is the only bidder left in the tender.
The Harel Locker Group today notified IDB Development Corporation Ltd. (TASE:IDBD) that it was withdrawing from the tender to purchase a controlling interest in Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). Tianan Insurance and JT Capital, headed by businessman Li Haifeng, yesterday notified IDB Development of its withdrawal from the tender, after the Chinese group failed to agree with the Supervisor of Capital Markets, Insurance, and Savings on the identity of the party that would obtain a controlling interest in Clal Insurance. Now that the Locker and Tianan groups have withdrawn, Macrolink Group is the only remaining bidder.
Tianan is the second largest private insurance company in China. Among other things, the company is active in marketing car, apartment, health, and credit insurance. Tianan has eight million policyholders, employs 16,000 workers, and operates 1,200 branches throughout China. Its shareholders include CITIC, the largest financial group in China, and Japanese investment firm Softbank.
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2015
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Harel Locker