NIS 4 Billion CAL Sale Collapses After Horesh Rejects Super-Pharm Condition

Israel Discount Bank's planned sale of CAL to a group led by George Horesh collapsed after the buyers rejected the Competition Authority's conditions. The deal, signed about a year ago and valued at up to NIS 4 billion, required Horesh's Union group to sell its one-third stake in Super-Pharm. Regulators had raised competition concerns because CAL handles Shufersal's credit-card club while Shufersal owns rival pharmacy chain Be. Discount, which owns about 72% of CAL, is now expected to pursue an initial public offering, potentially by May 2027.