Hang Lung denies in talks to buy Israel’s Clal Insurance stake

Chinese investment firm Hang Lung Group denied it was in talks to buy a stake in Israeli insurance company Clal Insurance from holding company IDB Development, saying it was not interested in buying businesses outside Hong Kong and mainland China.

IDB said last week it was in advanced talks to sell a 30 per cent stake in Clal Insurance to a group of investors based in China, a deal valued at 4.6 billion shekels (HK$10 billion).

IDB did not name the potential buyer but the Israeli newspapers said it was Chinese investment firm Hang Lung Group.

“Hang Lung Group and Hang Lung Properties would like to set the record straight and state that the two companies have no knowledge of the aforesaid talks or deal,” it said in a statement. “They have neither approached IDB Development for the purchase nor have they had any intention to take up shares in Clal Insurance.”

“The market rumours are groundless and not based on any information from Hang Lung. Hang Lung Group and Hang Lung Properties are not interested in pursuing business opportunities outside Hong Kong and mainland China,” it said.

A Tel Aviv court set a late August deadline for indebted Israeli conglomerate IDB Holding, parent of IDB Development, to sell its stake in Clal Insurance.