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Delek's deal to sell insurer Phoenix Holdings to U.S. company cancelled

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Israeli conglomerate Delek Group said that a deal to sell its insurance unit Phoenix Holdings Ltd. has been cancelled, reported Reuters.

The non-binding letter of intent for a U.S. insurer to buy Phoenix Holdings was canceled by both sides, said Delek Group. Sources have identified the buyer as U.S.-based AmTrust Financial Services Inc. Delek's deal to sell a 52.31% stake in the insurer to Chinese conglomerate Fosun International Ltd. was also cancelled recently.

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