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IDB Holding Corporation Ltd In Talks To Sell Clal Insurance Enterprises Holdings Ltd Stake-DJ


Wednesday, 24 Jul 2013 06:53am EDT 

Dow Jones reported that IDB Holding Corporation Ltd said it is in advanced negotiations to sell a 30% share of its Clal Insurance Enterprises Holdings Ltd. subsidiary to a group of Chinese investors. In a press release, the Israeli conglomerate said the sale price being discussed for Clal Insurance reflects a company value of 4.6 billion shekels ($1.28 billion), more than 25% higher than Clal's market capitalization of ILS3.6 billion. It did not disclose the names of the Chinese investors in talks to buy Clal. IDB Holding was ordered by a Tel Aviv court to sell its 55% stake in Clal, which it controls through wholly-owned subsidiary IDB Development Corp., by August 22 in order to obtain cash to pay bondholders. 

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