JERUSALEM Jan 17 Debt-ridden Israeli
conglomerate IDB Development said on Thursday it
would seek to sell part or all of its holdings in Clal Insurance
to Koor Industries.
IDB, a unit of IDB Holding Corp, said in a
statement to the Tel Aviv Stock Exchange that any deal would be
valued by an independent evaluator.
Clal Insurance, which has a market value of 3 billion
shekels ($806 million), is 54.97 percent owned by IDB
Development. IDB also holds 13.35 percent of Koor and indirectly
holds another 70.11 percent through unit Discount Investment
Koor, which holds about 2.4 percent of Credit Suisse
and 40 percent of generic crop protection chemical
maker MA Industries, has yet to discuss IDB's proposal.
Israeli media said that the sale would help IDB raise
much-needed cash to help pay off its debt.
(Reporting by Steven Scheer)