Recently, the Israeli capital market has undergone a process of consolidation. Just last week, Israel announced that the winning bid for its 9.99 percent stake in Bank Leumi would go to the consortium of New York-based hedge funds, Cerberus Global Investments and Gabriel Capital. The event made headline news in most Israeli business newspapers. However, another, much smaller deal is also deserving attention—between Phoenix Assurance and Excellence Investments. Israel Phoenix ...