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ChemChina and Koor Sign Deal for Makhteshim Acquisition

6:05 AM MST | January 10, 2011 | Ian Young

Koor Industries (Tel Aviv) and China National Chemical Corp. (ChemChina; Beijing) have signed an agreement for the previously announced acquisition by ChemChina of a 60% stake in Makhteshim Agan Group (Tel Aviv). Terms of the deal, which values the whole of Makhteshim at $2.4 billion, were announced last month. Koor will retain the remaining 40% of Makhteshim. The deal is expected to close in the second or third quarter of 2011. The agreement includes a provision for "the possibility of the sale of certain agrochemical assets of ChemChina" to...

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