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Thai conglomerate TCP Group deposits $20 million for Israeli Clal Insurance

Thailand’s CP Group executives will arrive in Israel on Tuesday to examine the deal.


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Nochi Dankner

Thai conglomerate CP Group has deposited $20 million in an escrow account for a possible acquisition of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). CP Group executives will arrive in Israel on Tuesday to examine the deal.

The potential buyers of Clal Insurance are CP Group (Charoen Pokphand), controlled by Dhanin Chearavanont, one of Thailand’s wealthiest men, and Hong Kong businessman Li Haifeng.
On Thursday, IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, told the Tel Aviv District Court that the potential buyers of Clal Insurance would deposit $20 million in an escrow account within days, and that a delegation of executives from them would come to Israel to pursue negotiations and carry out the necessary reviews.
Despite CP Group’s confidence building measure, even if a deal is closed for the sale of 30% of Clal Insurance, the main obstacle remains: obtaining permission from Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig at the Ministry of Finance.
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