JERUSALEM, March 2 (Reuters) - Israeli conglomerate Delek Group said on Wednesday a non-binding letter of intent for a U.S. insurer to buy its insurance unit Phoenix Holdings was cancelled by both sides.
Delek last month signed the letter with an unnamed buyer that industry sources identified as New York-based AmTrust Financial Services Inc.
"The letter of cancellation set ... that the period of exclusivity had ended but the parties will discuss alternatives for the deal, without granting exclusivity," Delek said in a statement to the Tel Aviv Stock Exchange.
Delek had previously made a deal to sell a 52.31 percent stake to China's Fosun International for 1.8 billion shekels ($463 million) but it collapsed when conditions for the deal were not met.
($1 = 3.8880 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)