Among the regulators that will have to approve the purchase of the MAX credit card company by Clal Holdings, the public parent company of the private Clal Insurance, is the Competition Authority, along with the Bank of Israel.
But “Calcalist” that the chairman of the authority Michal Cohen is prevented from dealing with the approval of the transaction, this is because a relative of hers works in general insurance. Therefore, it will be necessary to appoint another party from the competition authority to handle the examination of the transaction.
Capital Market Commissioner Moshe Barkat is expected to deal with approving the transaction in terms of the sale of the minority shares in MAX. The American private equity fund Warburg Pincus owns 75% of the credit card company’s shares, with the rest of the shares held by Allied, Menorah Insurance and Kal Insurance itself, which owns 10% through the partners’ funds.
Barkat is expected to present a series of demands to ensure that an independent decision is made regarding whether Clal Insurance should sell the shares it holds for its colleagues to its parent company Clal Insurance. Barkat is expected to demand that the sales conditions of the associates be improved in relation to those that the other MAX shareholders will receive.