Deals
Israeli Government Said to Oppose China Purchase of Insurers
- Concern centers on lack of track record in managing savings
- Government favors Chinese investment in industrial assets
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Israel’s Finance Ministry opposes the sale of insurance companies to Chinese investors because it’s hesitant to put pension money in their hands, a senior government official said, a stance that could bode ill for Fujian Yango Group Co.’s bid to buy Israel’s Phoenix Holdings Ltd.
Many Chinese investors don’t bring clear advantages to the table in managing savings because they don’t have well-established track records, the official said, speaking on condition of anonymity to discuss ministry policy. At the same time, he didn’t rule out exceptions, saying proposed deals would be examined individually.