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Bank Hapoalim's stake in Clal Insurance up for sale

IDB Development Co. Ltd. has until Nov. 10 to look for entities that are interested in buying Bank Hapoalim BM's stake in Israel-based Clal Insurance Enterprises Holdings Ltd.

Under the terms of an agreement with the Israeli bank, IDB has to sell Bank Hapoalim's 9.47% stake in Clal Insurance at a price of 62 shekels per share in unconditional, off-exchange transactions exercised simultaneously and not later than Nov. 10. If IDB failed to sell the stake by that date, Bank Hapoalim will be entitled to off-load it. IDB is the largest shareholder of Clal Insurance.

Bank Hapoalim projects profit before tax of about 119 million shekels from the sale of the stake, which will be included in its financial statements for the fourth quarter. There is no certainty that the stake will be sold.

As of Oct. 16, US$1 was equivalent to 3.64 Israeli shekels.