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Israeli energy group selling another 4.9% of insurer Phoenix Holdings

Israeli oil and gas conglomerate Delek Group Ltd. has agreed to sell another 4.9% of Phoenix Holdings Ltd. for 263 million shekels to an unknown buyer, Reuters reported.

Delek owns 36.47% of Israel-based Phoenix; the group will sell 12.5 million shares at 21.03 shekels apiece, according to the report. It sold a 4.9% stake in the insurer recently.

Delek will make the transaction under new Israeli regulation that prevents large conglomerates in the country from owning stakes in both financial and nonfinancial businesses.

As of Sept. 4, US$1 was equivalent to 3.62 Israeli shekels.