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Insurance company Menora has acquired 5 percent of El-Ad Canada's bond offering, which was completed yesterday.

El-Ad, owned by Yitzhak Tshuva, raised more than NIS 300 million to build housing in Canada and develop other properties, NIS 15 million of which came from Menora.

Last week, the Delek Group, also owned by Tshuva, invested $44 million to acquire 9.9 percent of Menora shares.

Within the framework of the deal, Delek received an option to acquire an additional 5 percent of Menora shares from the insurer in a private offering in a year and a half, in exchange for $22 million. The deal does not give Delek the right to appoint any board members in the company.

The intense cooperation between Yitzhak Tshuva and Menora is likely to expand soon into other deals, in which the two would try to integrate different activities.