Discount seeks to delay Kal sale after deal collapses

In depth

Bank Discount is asking to postpone the deadline set for selling its holdings in Kal, after the agreement to sell it to the Union-Harel group expired. The agreement was priced at up to 4 billion shekels. At the beginning of the month, the bank restarted the sale process, and the binding deadline for the sale is the end of April 2027. Kal CEO Yafit Griani met last night with Finance Ministry Director-General Israel Malachi on postponing the sale. The Finance Ministry is considering the request and has asked Griani to explain how the delay would affect the company.

Just two days ago, Griani spoke of a large number of parties interested in buying the company. Now, after the deal collapsed, she is turning to the Finance Ministry with an unusual request to delay the sale. Kal cites profits in the hundreds of millions of shekels as the background to the request.

Meanwhile, Discount is preparing for a new sale process, and Gil Agmon is emerging as one of the main contenders. After the deal with George Choresh and Harel collapsed, it is still unclear when the new process will take place and which offer will be accepted.