ChemChina gets official OK for MAI deal
The Chinese government-owned China National Chemical Corporation (ChemChina) has been granted one of the requisite authority approvals for its proposed takeover of Maktheshim-Agan Industries (MAI). The National Development and Reform Commission of China has approved all transactions included in the deal. ChemChina has signed an agreement to purchase a 60% stake in MAI, subject to due diligence ( Agrow No 607, p 2). The company says that it is in the process of obtaining authorisation for the deal from the Ministry of Commerce and the State Administration of Foreign Exchange of China.