Dutch EXIN Group is interested in acquiring Israel's CLAL Insurance

29 March 2018 — Vlad BOLDIJAR
The Amsterdam-based EXIN Group is negotiating the takeover of Israel's CLAL Insurance. In this regard, the Dutch group "has made an informal offer to acquire the firm at a valuation of USD 1.3 billion", according to an article on calcalistech.com, wrote Reinsurance News.

According to the mentioned sources, EXIN has made an offer that reflects a compensation of 90% of CLAL's equity, which stands at roughly USD 1.45 billion.

At the same time, Eduardo ELSZTAIN, the Argentinian businessman who is the controlling stakeholder in CLAL via IDB Holding Corporation Ltd., "is holding out for a deal valuation of USD 1.57 - USD 1.7 billion".

All in all, EXIN has until end-March to complete the EUR 718 million for the acquisition of 75% of the Greek largest insurer ETHNIKI from National Bank of Greece (NBG). If EXIN fails to pay for the realization of the deal, NBG will declare the tender barren.