Delek and Yango drop $610mn Phoenix deal

Israeli energy conglomerate Delek Group's 2.2bn shekel ($610mn)
sale of local insurer Phoenix Holdings to Chinese conglomerate
Yango Investments has collapsed after both parties agreed to walk
away from the deal.
In a statement released today, Delek Group said both companies
had agreed to rescind their agreement and waive their right to
claim losses from the process after "prolongation of the
proceeding for receipt of approval to transfer control in The
Phoenix to Yango".
The statement did not s