Sources inform ''Globes'' that IDB Development Corporation's board of directors has approved the sale of 30% of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) to Thai conglomerate CP Group, controlled by Dhanin Chearavanont for NIS 1.4 billion.
A source said, "The deal could be signed today, or within days." Another source said, "If the agreement between the parties is not signed within days, there may not be a deal at all."
Market sources believe that the negotiations between the parties' lawyers are going full speed ahead and that the parties are close to signing a deal. However, the signing of a binding agreement is not the final word, because closing the deal depends on obtaining a control permit from the Insurance Supervisor, a process which requires a lengthy and thorough examination, the results of which are uncertain at this stage.
IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, and CP Group have obtained an unofficial go-ahead from Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig to pursue the talks.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2013
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