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ChemChina and Koor Reach Agreement on Makhteshim Takeover

10:14 AM MST | December 28, 2010 | Nancy Seewald

Koor Industries (Tel Aviv) says it has reached an agreement with China National Chemical Corp. (ChemChina; Beijing) under which ChemChina will acquire a 60% stake in Makhteshim Agan (Tel Aviv) for NIS 19.98 ($5.58)/share. The deal values Makhteshim at $2.4 billion. Koor announced in October that it was negotiating to sell a 17% stake of Makhteshim to ChemChina, but ChemChina later decided to reduce that stake. After completion of the transaction, which is expected to take place in the second or third quarter of 2011, ChemChina will hold all the shares currently...

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