IDB hires JP Morgan for Clal sale

Israeli conglomerate IDB Development Corp has appointed JP Morgan
to find a buyer for the group's insurance subsidiary Clal
Insurance.
According to Reuters, the group's controlling stakeholder,
Argentine businessman Eduardo Elsztain, announced the move at a
press event marking the fourth anniversary of his investment in IDB
yesterday (7 September).
The company is obliged to sell its 55 percent stake in the
carrier as a result of a 2012 law aimed at breaking up dominant
conglomerates in Israel.
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