Shareholders, Anti-Trust Authorities Approve Makhteshim Agan Acquisition
20 October 2011 Tel Aviv, Israel – China National Agrochemical Corporation completed its acquisition of Makhteshim Agan Group (MAI), according to the companies.
ChemChina, the largest chemical producer in China, purchased 60% of MAI shares after the transaction was approved by MAI shareholders and European, US and Brazilian anti-trust authorities. Koor Industries Ltd., part of Israeli holding company IDB Groups, owns the other 40% of MAI.
“The completion of our merger with ChemChina is first and foremost a vote of confidence in the people of MAI and of the strong platform we have created. It also represents a defining moment in MAI’s evolution,” said Mr. Erez Vigodman, MAI’s president & CEO. “The merger is an integral part of the transformation course that we have been carrying out, and will enable us to accelerate our momentum and strengthen our ability to provide effective, reliable solutions to farmers around the globe. The merger will serve as an engine for MAI’s continued growth, securing its position as a major provider of market-driven off-patent crop protection solutions to farmers in more than 120 countries. In addition, it will give us a strong presence in markets throughout China and the entire Asia/Pacific region.”
The merger between MAI and ChemChina is the largest transaction ever concluded between a Chinese and an Israeli company, and represents a significant milestone in MAI’s 66-year history, according to company statements. The transaction process was led by Mr. Ren Jianxin chairman of ChemChina and Mr. Nochi Dankner chairman of IDB Group.
Based on the desire of both shareholders, MAI’s existing management team will continue to lead the Company, and its headquarters will remain in Israel. The company intends to continue operating all of its existing global manufacturing facilities.
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