Having already talked about it a lot in recent weeks, the businessman Alfred Akirov Decided to promote the acquisition of control inrule. Board of Directors Alrov , The real estate company Shakirov owns 79% of, this morning (Thursday) voted unanimously in favor of submitting a control permit to the capital market commissioner.
Alrov currently holds 15% of Clal’s shares, and it aims to reach 30% of the shares. For this purpose, it must obtain a control permit from the Commissioner of the Capital Market, Dr. Moshe Barkat, and Alrov intends, according to the company’s announcement to the stock exchange, to submit such an application by next Sunday.
It should be noted that the Capital Market Authority has already reviewed Alrov’s documents when the real estate company previously submitted a permit application to increase its holdings to 15%, a permit it did receive. The Capital Market Authority Stick to the financial data and the question of Alrov’s ability to develop Clal without harming savers and policyholders.
In terms of centralization Alrov is not likely to encounter a problem. According to the Shtrum Committee, a significant non-financial corporation and a significant financial corporation cannot be controlled by the same entity, but although Clal Insurance is defined as a significant financial corporation, Alrov is not currently defined as a significant non-financial corporation.
Doubling Alrov’s holdings will make it the largest shareholder in Clal Insurance Holdings, which is currently operating without a controlling interest. For Alrov, this is a significant investment of about NIS 850 million, of which the company may finance its large share in a planned bond issue of about half a billion shekels.
About two weeks ago, Alrov reported to the stock exchange, at the request of the Securities Authority, that it had formulated an outline for acquiring control of the insurance company, and even presented it to Barkat, but “the outline was not crystallized and abandoned,” according to the company.
At the beginning of the week, a request was submitted to the Tel Aviv District Court for a shareholder in Clal Insurance to disclose and review the documents. This is in connection with the claim that Clal Insurance chose to sell its holding in Alrov Real Estate (12.9% of the shares) to Israel Canada and not to the controlling shareholder Akirov, even though its offer was NIS 120 million higher.