Businessman Shlomo Eliyahu is increasing his holdings in the Israel Phoenix Assurance Company, which is controlled by the Hackmey family.

The Phoenix is the third largest Israeli insurance company.

On Monday, Eliyahu acquired 150,600 Phoenix 5 shares for NIS 5.4 million, increasing his stake to 38.8%. His holdings in the Phoenix are worth NIS 610 million.

Several months ago the Eliyahu and Hackmey families held talks about selling the control in the Phoenix to businessman Jacob Shachar.

Last week it was reported that Eliyahu wants to acquire the control in the Phoenix, and his recent acquisitions could be connected to this.

Eliyahu's main holdings include 9.6% in Bank Leumi, which is worth over NIS 1 billion, and 23% in the Union Bank of Israel (Igud), worth NIS 182 million.

A week ago it was reported that Eliyahu has become a substantial shareholder in Adanim mortgage bank. He owns other holdings in banks, where he is not a substantial shareholder. These holdings come to NIS 300 million.