Delek Group Ltd.'s planned sale of its 47% stake in Phoenix Holdings Ltd. to Sirius International Insurance Group Ltd. has been terminated.

The required regulatory approvals for the transaction have not been received in time for the completion date set in the agreement, Delek said. The Israel-based company said it will continue trying to sell the stake.

Delek had been trying to sell its stake in the Israeli insurer for years, but a number of previous deals had fallen through due to various reasons, including failure to win regulatory approval.

Sirius had already gained the Israeli antitrust commissioner's approval for the transaction in December 2017. Under the agreement, the Bermuda-based company would have exercised its call option to acquire Delek's remaining stake in the Israeli insurer for 2.3 billion Israeli shekels in cash plus interest, having already bought a 4.9% stake in September 2017.

As of July 2, US$1 was equivalent to 3.67 Israeli shekels.