Source: The Makhteshim Agan Group

The Makhteshim Agan Group, a world leader in branded off-patent crop protection solutions, announced that on Jan. 8, 2011, after previously having received the approval of the company's audit committee and board of directors, the agreement was signed with a subsidiary of the China National Chemical Corporation to carry out a merger, whereby the holdings of the public in the company and 7 percent of the holdings in the company held by Koor Industries Ltd. (the company's controlling shareholder), would be purchased, and the company would become a private company under joint ownership of ChemChina (60 percent) and Koor (40 percent).

The ChemChina Group is a major Chinese group controlled by the Chinese government, working in the fields of chemicals and agrochemicals.

The company's shares shall be purchased at a price that reflects a value of the Company of $2.4 billion (calculated according to the effective holdings which do not include treasury shares held by the company and by its subsidiary), and payment for them will be in U.S. dollars. 

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