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Clal Advances to 7-Month High on Canadian Interest

Oct. 27 (Bloomberg) -- Clal Insurance Enterprise Holdings Ltd. climbed to the highest level in seven months after Globes reported that a Canadian family is in talks to buy a stake in Israel’s second-largest insurance company.

The shares rose 3.9 percent to 97.05 shekels at the 4:30 p.m. close in Tel Aviv, the highest since March 18.

A representative of the Ghermezian family has met with Nochi Dankner, the owner of Clal’s controlling shareholder IDB Development Corp., and Clal executives regarding a possible purchase that values Clal at $2 billion, the Hebrew financial daily reported, without saying where it got the information. The family wants Dankner to be a partner and doesn’t want to buy all of Clal, it said.

IDB chose Goldman Sachs Group Inc. to consult and coordinate the possible sale of all or part of its holdings in Clal, parent IDB Holding Corp. said Aug. 4. Globes reported Aug. 22 that private-equity firm Permira was considering a purchase of Clal. Calcalist reported Aug. 2 that Apax Partners LLP was initial talks for an acquitision

IDB has been approached by several investors about a possible sale of a stake in Clal Insurance and intends to examine the offers “only if they reflect adequate terms,” a spokesman for IDB said in an e-mail. He wouldn’t comment on the investors’ identity.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at

To contact the editor responsible for this story: Claudia Maedler at

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