Delek closes purchase of Israeli Phoenix stake

Delek also acquired a 9-month option to buy Shlomo Eliahu's remaining 8% in Phoenix for NIS 222m.

December 5, 2005 07:59
2 minute read.
delek english logo 88

delek english logo 88. (photo credit: )


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Delek Investments and Properties closed a deal to buy 25.01 percent of Israel Phoenix Insurance from Shlomo Eliahu for NIS 720m. after receiving the necessary authorizations from the anti-trust commissioner and insurance supervisor last week. Delek also acquired a nine-month option to buy Eliahu's remaining 8% in Phoenix for NIS 222m. The businessman is selling his shares to permit him to become part of a group that controls Bank Leumi. Eliahu, who is already Leumi's largest private shareholder with a 10% stake, wants to combine his holding with that of US investment companies Cerberus Capital Management and Gabriel Capital. Last month, their Barnea Investments consortium won a tender to buy a 9.99% holding in Leumi from the government and an 18-month option to buy another 10.01%. Should the consortium exercise the option it would own 20% of Leumi, which the Bank of Israel has defined as a controlling stake. Although Eliahu is interested in joining his stake with Barnea, he said just after the tender results were announced that he would not initiate any alliance. "I am not going to do anything, but if they contact me I am willing to join my stake with theirs," he said. Eliahu is also trying to sell his one-third stake in Union Bank of Israel (Bank Igud). Discount Bank is in talks to buy Igud, with Eliahu saying last month that the negotiations were taking place with the Landau family and the heirs of David Lubinski, who are the other major shareholders. Eliahu said he was not involved in the negotiations but would sell his stake as part of the deal. He couldn't be reached for comment by press time on Sunday.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection