Israel: Sale of 32% stake in Clal Insurance faces delaysReprints
IDB Holding Corp. Ltd. is selling 32% stake in Clal Insurance Enterprises Holdings Ltd. to a Chinese consortium headed by JT Capital Fund Pte. Ltd., but the deal is being delayed as JT Capital has not yet obtained the control permit.
JT Capital has exercised its second option to extend the deal until Apr. 2 2014, Globes reported.
Its final option to extend the agreement ends in May 2014.
A capital market source said "this is a very sensitive time for transactions with Chinese companies."