Business in Brief

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Potential buyers of Clal Insurance identified

Hong Kong’s JT Capital Management has revealed the identities of the group of investors seeking to buy control of Israel’s Clal Insurance Enterprises Holdings, Clal’s parent company IDB Development said yesterday. Businessman Li Haifeng, who owns JT Capital, would have a 12.5% stake in the group of investors, Chinese financial institution New Times Trust Co would take 71% and Rongtong Fund Management Co of China would hold 16.5%. The investors provided documents demonstrating financial means of at least $700 million. The deal needs regulator approval. Nochi Dankner’s IDB Development annopunced in August that it had agreed to sell a third of Clal to JT Capital for NIS 1.472 billion ($415 million) to meet a court deadline for settling its debts. IDB Holding, parent of IDB Development, has until October 20 to submit a debt settlement, as Danker fights to keep control of the company and prevent a takeover by bondholders. (Reuters)

Israel Post workers increase pressure on CEO
Israel Post employees stepped up their labor sanctions yesterday, bursting in on meetings involving the CEO and refusing to pass along data that would enable management to draft a working plan for 2014. The workers are attempting to force CEO Haim Elmoznino to resign, arguing that he has failed to stabilize the company, which last year had a deficit of more than NIS 100 million out of annual turnover of NIS 1.8 billion. “All requests from the CEO will receive the response ‘Shalom, shalom,’ after which the call will be immediately hung up,” said an employee. The Histadrut labor federation is backing the workers. (Haim Bior)

Nochi Dankner's trial will bring some of the Israeli capital market's leading players to the witness stand.Credit: Ofer Vaknin