Fujian Yango makes Phoenix bid

Israeli energy conglomerate Delek Group has signed a memorandum
of understanding (MOU) with Chinese holding company Fujian Yango
Group to sell its stake in insurer Phoenix Holdings for 1.8bn
shekels ($462mn).
In a statement released yesterday (3 July), Delek said the
non-binding agreement contained provisions to sell its 52.3 percent
share in the carrier for between 1.8bn and 1.85bn shekels in
cash.
The transaction remains subject to due diligence and the
execution of a binding agreement before