Dankner mulling sale of Clal Insurance, Zisser's mulling buying it
Nochi wants to buy a bank so he needs to sell Clal first. Zisser wants an insurance company. Now it's about price
Is Nochi Dankner prepared to sell Clal Insurance (TASE: CLIS)? Yes, but he simply hasn't received the price he wants get. TheMarker has learned that among the parties considering Clal Insurance, which is the second-largest insurance company in Israel, is Moti Zisser, who owns Elbit Medical Imaging (Nasdaq: EMITF).
Dankner and Zisser are known to have discussed the subject, but no conclusions were reached.
"In recent weeks IDB has received several offers for Clal Insurance, from various sources, but it turned them all down," IDB commented.
Clal Insurance is worth NIS 5.2 billion on the Tel Aviv Stock Exchange. Dankner evidently wants a substantial premium over that market capitalization.
Elbit Medical commented that in general, it's interested in the insurance business. "Clal Insurance is one of the companies we looked at, but we have not made any offer," the company said.
When Bank Leumi was on the block, Dankner had considered a possible bid. He also made moves to join Shari Arison in controlling Bank Hapoalim, which she deflected.
But before he buys a bank, he has to sell Clal Insurance, because of restrictions on cross-holdings in competing financial institutions.