January 17, 2013 / 10:56 AM / 5 years ago

Israel's IDB offers Clal Insurance to Koor Industries

JERUSALEM, Jan 17 (Reuters) - 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 Corp.

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)

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