MAI withdraws from Albaugh acquisition
Makhteshim-Agan Industries (MAI) has pulled out of its planned acquisition of US generic pesticide company Albaugh (Ankenny, Iowa). The company ended negotiations after findings during the due diligence process revealed “a material deviation from the data” on which it had based its decision to enter the acquisition agreement, MAI points out. “We have taken the right decision given the material gaps that emerged during the due diligence process,” MAI president and CEO Erez Vigodman says. “We will continue to take all the necessary actions to grow MAI profitably over the coming years, while improving our cost structure and taking advantage of opportunities in our markets”. The company agreed to acquire Albaugh for around $800 million plus a 12% stake in MAI in June ( Agrow No 595, p 2).