Canada’s Ghermezian family is one of the parties interested in acquiring Clal
Insurance Enterprises Holdings Ltd. from IDB Holding Corp. Ltd., controlled by
chairman Nochi Dankner, Globes has learned.
The Canadian Jewish family,
through its TripleFive Group of Companies, is engaged in real estate, hotels,
minerals, oil and gas, truck manufacturing, biotechnology, and engineering. The
family’s wealth is estimated at $4 billion.
A representative of the
family is managing the talks and held several meetings with Dankner and other
IDB executives last month. He also met with representatives of Goldman Sachs,
which IDB hired to handle the sale.
Talks for a sale of Clal Insurance
are around a company value of $2b., representing a 40 percent premium on its
current market cap, and similar to its estimated value. IDB owns 55% of Clal
Insurance, which means that Dankner is asking for $1.1b. for his
“As IDB has reported before, the company has received several
inquiries about a possible sale of its holding in Clal Insurance,” said IDB in
“The company has made it clear that it intends to review the
offers to sell its holding in Clal Insurance only if the offers reflect
worthwhile terms. The company has no intention of referring to the identity of
any particular investor.”
The Ghermezian family is believed to be one of
the more serious of the parties that have sent out feelers about a possible
acquisition of Clal Insurance.
The Ghermezian family is planning to set
up business in Israel, and representatives met senior National Infrastructures
Ministry officials to examine TripleFive’s participation in Israel’s oil and gas
exploration industry. The company is reportedly in contract with several