Saturday, May 24, 2014

Tnuva sale to go ahead, Clal Insurance stalled

By Ron Stein

GLOBES - 18/05/2014 

The moment of decision is nearing in two big deals for the sale of the controlling interest in Tnuva Food Industries Ltd. at a company value of NIS 8.5-9 billion and Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) at a company value of NIS 4.6 billion to Chinese companies. The sale of Tnuva by Apax Partners to Bright Food Group is apparently on the verge of being signed. In contrast, the sale of Clal Insurance by IDB Holding Corp. Ltd. (TASE:IDBH) to JT Capital Fund pte Ltd. and its partners is waiting for a decision by Supervisor of the Capital Markets, Insurance, and Savings Dorit Salinger. "A deal is on the verge of being signed, and while not final, it can said with assurance that it will happen within days," said a source familiar with Tnuva negotiations said today. Another source added, "There is no signing yet, but there are intensive talks and optimism."
A delegation from Bright Food, including its CFO, has arrived in Israel and is engaged in intensive talks aimed at overcoming last minute obstacles. The previous delegation was headed by the company's dairy division.