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TEL AVIV (Reuters) – Israel’s Clal Insurance Enterprises Holdings agreed to sell its subsidiary Clal U.S. Holdings Inc for $221 million to Nebraska-based National Indemnity Co, a unit of Berkshire Hathaway Inc .

The deal is subject to U.S. regulatory approval, Clal, a subsidiary of the IDB Holding group, said in a statement on Sunday. If approvals are not obtained by Dec. 15 each side will be eligible to extend the deadline by three months.

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