China National Chemical Corporation (ChemChina) announced plans this week to buy 60 percent of Makhteshim Agan Industries, the world’s largest maker of generic agricultural chemicals, from leading Israeli holding company Koor Industries for $2.4 billion.
The deal will see ChemChina pay $1.272 billion for 53 percent of MA Industries’s public shares and another $168 million for the 7 percent held by Koor, Reuters reports, with the acquirer forwarding an additional $1 billion non-recourse loan to Koor. Bloomberg reports that Israeli billionaire Nochi Dankner, who controls Koor, has flown to China to finalize the deal, which will strengthen economic ties between the country and Israel.
