After several months in which the sale of The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) to Chinese giant Fosun Group was unclear due to the reservations of the Israeli regulator, the Israeli insurance company's controlling shareholder Delek Group Ltd. (TASE: DLEKG) last night announced that the agreement with Fosun had been cancelled. RELATED ARTICLES Israeli regulator to nix Phoenix sale to Fosun Phoenix sale in doubt after arrest of Fosun chairman Fosun seeks discount on Phoenix deal Delek, controlled by Yitzhak Tshuva, and Fosun were entitled to cancel the deal without paying a penalty. Both sides have decided to utilize this entitlement and cancel the deal. Delek said in its notification to the Tel Aviv Stock Exchange, "as the conditions of the agreement have not yet been completed, the parties agree to cancel the deal according to the mechanism set in it, and each side foregoes, irreversibly and without preconditions or claims, a lawsuit or damages regarding this agreement." Last month "Globes" reported that Israel's Supervisor of Insurance, Capital Market and Savings Dorit Salinger was not expected to approve China's Fosun Group as the controlling shareholder in Phoenix. Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
