Sale of Israeli insurer Phoenix to China’s Yango called off
Israeli energy conglomerate Delek said its planned sale of a controlling stake in Israeli insurer Phoenix Holdings to China’s Fujian Yango Group has been called off by both sides after it failed to secure regulatory approval. Fujian Yango agreed to buy Phoenix last year for 1.95 billion shekels ($504 million), yet Finance Ministry approval is required for the transaction to go through. Yango was potential buyer #4 after several failed M&A negotiations with Kushner Funding, Fosun, and AmTrust. Bottom Line: not surprising.