BRIEF: Clal Insurance makes Clal Finance buyout offer [Globes, Tel Aviv, Israel]

Sept. 14--Clal Insurance has announced an offer to purchase all the outstanding shares of investment house Clal Finance.

Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Insurance already owns 81.58 percent of Clal Finance. The offer is for the remaining 18.42 percent.

The move, if successful, will result in Clal Finance shares being delisted.

The offer price of NIS 3.30 per share of Clal Finance represents a 15.8 percent premium over the opening price today.

Trading in shares of Clal Finance Ltd. (TASE:CLFN) was halted after the company informed the Tel Aviv Stock Exchange (TASE) that it will soon be making a significant announcement. Trading will resume at 12:50.

Clal Finance went public in 2007, and since then has fallen 75 percent.

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