Source: Makhteshim Agan Group

The Makhteshim Agan Group reported that pursuant to the company's report concerning the merger agreement on Jan. 8, 2011, between a subsidiary of the China National Chemical Corporation ("ChemChina"), Koor Industries and the company ("the Agreement"), the company reports as follows:

As reported by ChemChina, ChemChina has received approval from the National Development and Reform Commission of China (the NDRC) for the transactions included in the Agreement. The said approval is one of the approvals required from the Chinese governmental authorities in order to close the said transactions. It has also been reported by ChemChina that it is in the process of obtaining the additional approvals required from the Chinese governmental authorities: the approval of the Ministry of Commerce of China, and the approval of the State Administration of Foreign Exchange of China. 

Original news release