­The two majority shareholders in Israeli telecoms operator, Golan Telecom are reported to have received an approach to buy the rival mobile network, Cellcom Israel.

Citing sources familiar with the matter, Globes reported that Cellcom’s controlling shareholder, the financially troubled IDB Holding has put its stake up for sale.

The company has denied this, but Globes says that it has other sources confirming that a sale is being discussed.

All the Israeli networks have suffered from increased competition and a hostile regulatory regime in recent years, and consolidation has been expected between a couple of the networks.

Cellcom is the country’s largest mobile network, while Golan Telecom is a low-cost new entrant to the market that secured its license in 2011.