Billionaire Akirov Aims for Control of Clal Insurance
Translated & summarized from Globes by baba
Real estate tycoon Alfred Akirov is seeking to delist his company, Alrov Real Estate, from the stock exchange while simultaneously aiming to increase his stake and potentially gain control of Clal Insurance. His investment in Clal has grown significantly, and he believes delisting Alrov will help overcome regulatory obstacles. Akirov also discussed his luxury hotel business, including a recent lucrative deal with HBO, and expressed strong concerns about Israel's political future.
The story in 6 lines · by baba
- Billionaire Alfred Akirov plans to delist Alrov Real Estate from the stock exchange and increase his stake in Clal Insurance.
- Akirov's investment in Clal Insurance has grown to over 3 billion shekels, making it his most successful financial venture.
- The delisting of Alrov is intended to remove regulatory hurdles for Akirov's pursuit of control at Clal Insurance.
- Akirov's luxury Hotel Lutecia in Paris was recently rented by HBO for "The White Lotus" filming, earning an estimated 28 million shekels.
- Akirov expressed deep concern over Israel's current political situation and the impact of the current government.
- At 85, Akirov remains actively involved in his businesses, stating that retirement is not an option for him.
Real estate magnate Alfred Akirov is pursuing a dual strategy: delisting his company, Alrov Real Estate, from the Tel Aviv Stock Exchange and increasing his stake in Clal Insurance, an investment that has already grown to over 3 billion shekels. Akirov, 85, plans to buy out public shareholders of Alrov for approximately 788 million shekels, citing a lack of stock liquidity and undervaluation by the market. This move, he hopes, will also remove a regulatory hurdle related to the concentration of holdings, allowing him to pursue a controlling interest in Clal Insurance.
Akirov has been steadily increasing his stake in Clal Insurance since 2019, currently holding 15% of its shares. However, his attempts to acquire more have been repeatedly rejected by the Capital Markets Authority, partly due to past conflicts with Clal's management, including an alleged attempt to oust CEO Yoram Noeh. Akirov acknowledges past disagreements, such as his criticism of Clal's acquisition of MAX, but now expresses satisfaction with the investment, which has yielded significant returns.
Despite past friction, Akirov claims to have a good relationship with Clal's current management and meets regularly with CEO Yoram Noeh. He believes that a controlling owner provides essential backing for management decisions, leading to better company performance. Akirov's investment in Clal Insurance has grown from 690 million shekels to over 3 billion shekels, making it his most successful financial venture.
Beyond his financial dealings, Akirov discussed his real estate ventures, including the luxury Hotel Lutecia in Paris, which was recently rented by HBO for "The White Lotus" filming, generating an estimated 28 million shekels. He also commented on the Israeli political landscape, expressing deep concern over the current government and its impact on the country's future, and voiced criticism of settlement policies. Akirov, who made his fortune in real estate and has diversified into finance, remains actively involved in his businesses, emphasizing that retirement is not an option for him.
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