Israel's IDB Nearing $1B Sale Of Insurance Unit Stake

Law360, New York (July 24, 2013, 2:01 PM EDT) -- Israel's IDB Development Corp. is holding late-stage talks that could send a hefty chunk of its Clal Insurance division to a group of Chinese investors in a deal that values the unit at roughly $1.3 billion, IDB said in a securities filing Wednesday.

The prospective deal would give the Chinese suitors a 30 percent stake — the largest of any shareholder in one of Israel's biggest insurers, according to the filing. IDB did not name the Chinese suitors, but Israeli business publication Calcalist reported they are...
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