Israeli conglomerate Delek Group has cancelled a deal to sell its controlling stake in insurer Phoenix Holdings to Sirius International Insurance Group, as the deal failed to obtain the necessary regulatory approvals.

In September last year, Delek signed an agreement with Chinese-US company Sirius to divest 4.9% of Phoenix for NIS208m ($56.95m).

Later in November, Sirius exercised its option to purchase all of Delek’s remaining shares totalling 47.35% in the Phoenix, for NIS2.3bn ($629.56m).

Both Delek and Sirius have failed to obtain regulatory approvals including Capital Markets, Insurance, and Savings Authority.

With the cancellation of the agreement, Delek is free to find another buyer, or sell its shares on the stock market.

Delek is more likely to sell shares on the stock market as the price of Phoenix’s shares has surged by 23% since the agreement was signed.

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Phoenix, established in 1949, provides a number of insurance products in Israel such as life, personal accident, travel, home and pensions, among others.