therealdeal.com – Ashkenazy Acquisition Corporation made a bid for a controlling stake in Clal Insurance Enterprises Holdings, the insurance and pension unit of distressed Israeli conglomerate IDB Development. The bid would value Clal at $743 million.
Ashkenazy CEO Michael Alpert has not confirmed the bid, but IDB disclosed Thursday that it had received a non-binding offer from an unnamed source, Bloomberg reported. IDB Development, a holding company owned by Argentinian businessman Eduardo Elsztain, reportedly owes bondholders $790 million. Earlier this year, an Israeli court ordered Elsztain to sell a 55 percent stake in Clal Insurance to help pay off the debt. A potential sale to Chinese firm Macrolink Holding Company fell apart in January after Israeli regulators refused to grant the buyer an insurance license.
Categories: Real Estate