JERUSALEM, May 26 (Reuters) -
* Israel’s Bank Leumi and insurer Phoenix Holdings have agreed to each buy a 20% stake in local road haulage and logistics company Taavura, Leumi said on Sunday.
* Leumi said they will each pay 250.5 million shekels ($70 million) for the 20% stakes, valuing Taavura at 1.255 billion shekels.
* Taavura, which deals in road haulage, earth moving and mining, is jointly owned by Avraham Livnat Ltd and Nesher Israel Cement Enterprises Ltd.
* Leumi said they have up to 120 days to gain the needed regulatory and other approvals to complete the deal.
* ($1 = 3.6005 shekels) (Reporting by Ari Rabinovitch; Editing by Tova Cohen)