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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.