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Tender : IDB sales 27.5% of Clal Insurance By August 22

The court has ordered IDB to find a buyer for 27.5% of Clal Insurance by August 22. Market sources have mentioned : US private equity -fund KKR, AIG , AXA Group SA and China Hang Lung Group Ltd. (HKSE: 0010) has been linked with the bid.

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Nochi Dankner / Eyal Itzhar

/ By Adi Ben-Israel /

Several companies have contacted IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, with a view to buying 27.5% of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) in an IDB’s tender to sell half its stake in the company, as part of the court-managed negotiations on a debt settlement with bondholders.
IDB today announced that in the first stage of the tender, which ended on July 18, it received “a number of offers” and that “one or more additional offers may be received early this week.” The company added that “the sale process continues.”

IDB said that a foreign fund that had previously expressed interest in Clal Insurance, did not submit a bid. On May 24, IDB announced that a foreign fund was interested in acquiring Clal Insurance at a company value of NIS 4.5 billion ($1.25 billion) . Sources believe that a sale of Clal Insurance at a company value greater than NIS 4 billion would be a success for IDB at this time.

The court has ordered IDB to find a buyer for 27.5% of Clal Insurance by August 22. Ten companies have reportedly expressed some degree of interest in Clal Insurance, although their seriousness is not yet clear. Market sources believe that many of the inquiries have come from foreign companies which are considering entering the Israeli market at a bargain price.

Market sources have mentioned US private equity fund KKR LP (NYSE: KKR), which has been mentioned several times in connection with IDB since its financial troubles began, American International Group Inc. (NYSE: AIG) (which already has a presence in Israel), and AXA Group SA (Euronext: CS).
The second stage of the Clal Insurance sale has now begun.

By August 7, IDB will invite potential buyers which it believes are suitable, and give them a draft purchase contract and shareholders agreement. On August 7, the potential buyers will submit binding bids together with a final purchase contract and the agreement of their shareholders.
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