IDB Inks Deal to Sell Third of Clal Insurance to Chinese Investors

Israeli investment group headed by Nochi Dankner says Chinese group has agreed to pay significantly above market rate.

Nochi Dankner’s IDB group announced Wednesday morning that a group of Chinese investors has agreed to buy a one-third of Clal Insurance’s shares for $1.5 billion, a 30% premium above the company’s market value. This comes three days before the decisive court ruling on IDB’s creditors’ bid to seize control of the debt-strapped group from Dankner.