Bethel Finance news:
Agrochemicals manufacturer Makhteshim Agan Industries Ltd. (TASE: MAIN) today announced that the Ministry of Commerce and the National Development and Reform Commission of China has approved the company's acquisition by China National Agrochemical Corporation (ChemChina). ChemChina expect to obtain approval from the State Administration of Foreign Exchange of China within days, after extending the deadline for obtaining the approval until May 13.
In March, the National Development and Reform Commission of China approved the acquisition.
Makhteshim's parent company, Koor Industries Ltd. (TASE:KOR), announced that the parties to the loan agreement for the acquisition are making progress in formulating the detailed loan terms and letter of credit that will be provided to Koor when the sale of Makhteshim is closed.
When the $2.4 billion deal is closed, ChemChina will own 60% of Makhteshim, and Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor will own 40%.
Makhteshim's share price rose 2.1% in morning trading to NIS 18.36, giving a market cap of NIS 7.82 billion.
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