JERUSALEM, May 3 (Reuters) -
* Delek Group said on Wednesday that Israeli businessman Yonel Cohen will purchase a 130 million shekel ($36 million) stake in insurer Phoenix Holdings as part of a deal with China's Yango Group Co.
* Once finalized, Yango will have a 50.1 percent stake of Phoenix and Cohen a 4 percent stake, Delek said, valuing the Israeli insurer at about 3.2 billion shekels.
* The deal, which still requires regulatory approvals, will make Cohen, a veteran insurance executive, chairman of Phoenix and ensures that the majority of board members will be Israeli.
* Delek has for a few years been trying to sell control of Phoenix.
* ($1 = 3.6060 shekels) (Reporting by Ari Rabinovitch)