Excellence office in Ramat Gan
Photo: Yaron Brener
Excellence negotiating acquisition of Clal
Clal Insurance reported last week that it has received several offers to buy Clal Finance. Deal's value is estimated at NIS 400-500 million
The Excellence Nessuah investment house is holding talks with the Clal Finance investment house for the acquisition of Clal Insurance, Calcalist has learned.
Last week, Clal Insurance held a round of talks with representatives from a number of local investment houses, including Meitav.
The deal will be based on a NIS 400-500 million ($104-130 million) company value.
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Clal advised the Tel Aviv Stock Exchange last week that it had received a number of acquisition offers for Clal Finance.
"The company periodically examines the acquisition, sale and merger of its subsidiaries' holdings. Within this framework and following preliminary proposals made to us which do not include specific terms for a deal, we are conducting an initial examination of an optional sale or merger of Clal Finance to a third party.
"However, it should be stressed that as of now, no decision has been made concerning such a deal," said Clal's announcement to TASE last week.
Clal Insurance said in response that there have been no changes so far in the announcement the company made to the stock exchange last week.
According to estimates, if the sale of Clal Finance is signed, the company will dismiss employees and downsize its structure.
Two weeks ago, Calcalist revealed that Clal Finance's new CEO dismissed three senior executives from the investment house.
Excellence was unavailable for comment.
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