Exin Group is reportedly in discussions to acquire Israel domiciled Clal Insurance Enterprise Holdings Ltd., and has made an informal offer to acquire the firm at a valuation of $1.3 billion, according to an article on calcalistech.com.
The article states that a person familiar with the matter told Calcalist that Amsterdam-based Exin is negotiating the takeover of Clal Insurance, and has made an offer that reflects a compensation of 90% of Clal’s equity, which stands at roughly $1.45 billion.
However, the reports claim that Eduardo Elsztain, an Argentinian businessman who is the controlling stakeholder in Clal via IDB Holding Corporation Ltd., is holding out for a deal valuation of $1.57 – $1.7 billion.
Exin provides financial services such as insurance and reinsurance, and also asset management, and recently won a tender to acquire Ethniki Insurance, the National Bank of Greece SA’s insurance segment.
However, industry reports claimed that Exin is struggling to come up with the funds to complete its takeover of Ethniki, after submitting the highest bid of $882 million.
