Full Chinese OK nears for MAI takeover
The Chinese government-owned China National Chemical Corporation (ChemChina) has been granted the second of three requisite national authority approvals for its proposed takeover of Maktheshim-Agan Industries (MAI). The Ministry of Commerce has followed the National Development and Reform Commission of China in approving the acquisition ( Agrow No 613, p 2). ChemChina and MAI expect to receive the final authorisation from the State Administration of Foreign Exchange soon. Current major shareholder Koor Industries says that parties to a loan agreement as part of the deal are advancing the terms. ChemChina has signed an agreement to purchase a 60% stake in MAI, subject to due diligence ( Agrow No 607, p 2).