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Israeli businessman to buy stake in Phoenix insurer
May 3, 2017 / 8:59 AM / 7 months ago

Israeli businessman to buy stake in Phoenix insurer

JERUSALEM, May 3 (Reuters) -

* Delek Group said on Wednesday that Israeli businessman Yonel Cohen will purchase a 130 million shekel ($36 million) stake in insurer Phoenix Holdings as part of a deal with China’s Yango Group Co.

* Once finalized, Yango will have a 50.1 percent stake of Phoenix and Cohen a 4 percent stake, Delek said, valuing the Israeli insurer at about 3.2 billion shekels.

* The deal, which still requires regulatory approvals, will make Cohen, a veteran insurance executive, chairman of Phoenix and ensures that the majority of board members will be Israeli.

* Delek has for a few years been trying to sell control of Phoenix.

* ($1 = 3.6060 shekels) (Reporting by Ari Rabinovitch)

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