Companies

ChemChina close to getting final OK for MA deal

(Agencies)
Updated: 2011-05-05 15:38

China National Chemical Corp (ChemChina)?is close to getting final approval for its bid to buy a controlling stake in Israeli agrochemicals maker MA Industries.

Related readings:  ChemChina signs deal to buy 60 percent of MA Industries  ChemChina buys control of Israeli agri-chemicals maker  ChemChina seeks price reduction for MA Ind stake

"ChemChina said it is in the process of receiving the last approval needed from authorities in China -- approval from the State Administration of Foreign Exchange of China -- and it expects to receive the approval in the coming days," MA Industries said on Thursday.

The two sides have extended the date for receiving regulatory approval in China to May 13.

The deal to buy control of MA, the world's largest maker of generic crop protection products, received approval from the National Development and Reform Commission of China in March. It has also received approval from China's Ministry of Commerce.

Koor Industries, a subsidiary of IDB Holding Corp, owns 47 percent of MA.

The deal values MA at $2.4 billion. ChemChina will buy the 53 percent of MA held by the public for $1.27 billion and pay Koor $168 million for another 7 percent.