All the necessary permits have been obtained for the acquisition of Clal Insurance unit Guard Insurance.
IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, today notified the TASE that all the necessary permits had been received from the Pennsylvania Insurance Department for the acquisition by Berkshire Hathaway Inc. (NYSE: BRK-A), controlled by Warren Buffet, of Guard Insurance Group, held through Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS).
Berkshire Hathaway subsidiary National Indemnity Company will acquire all the shares of Clal Insurance unit Clal US Holdings Inc., through which it owns Guard Insurance. National Indemnity will pay Clal Insurance $221 million in cash and will release Clal Insurance from a $48 million guarantee given to secure a loan to Clal US Holdings from a foreign bank.
Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2012
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