Tshuva seeks to sell Phoenix shares via stock exchange

Yitzhak Tshuva

The move follows the cancellation of the deal to sell Delek Group's entire stake in insurance company Phoenix to Fujian Yango.

Following the cancellation yesterday of the deal for the sale by Delek Group Ltd. (TASE: DLEKG)of control in The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) to Chinese group Fujian Yango, Yitzhak Tshuva, the controlling shareholder in Delek Group, has asked Capital Market, Insurance and Savings Authority director Dorit Salinger for permission to sell part of Delek's 52% stake in Phoenix via the Tel Aviv Stock Exchange. Tshuva apparently wishes to sell up to 15% of Phoenix in this way, but to retain a controlling core holding so that he will still benefit from a control premium in a future sale.

Yesterday, Delek Group announced that the agreement to sell its stake in Phoenix to Fujian Yango had been cancelled because of the difficulties experienced by Fujian Yango (as by other would-be Chinese purchasers of Israeli financial bodies in the past) in obtaining the necessary approval from Salinger.

Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Yitzhak Tshuva
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