MAI denies takeover collapse reports
Makhteshim-Agan Industries (MAI) is not aware of any material developments impeding its takeover by the Chinese state-owned China National Chemical Corporation (ChemChina), it says. The company has denied reports that the deal has collapsed. ChemChina has agreed to acquire a 60% stake in MAI ( Agrow No 607, p 2). Current major shareholder Koor Industries has submitted an appeal request on an interim ruling to the Israeli High Court, following a petition for approval of a class action in respect of the takeover. Koor is seeking “to reach a compromise” with those litigants. “There is no certainty that a compromise will be reached,” Koor cautions. The company says that it is “vigorously continuing” to proceed with the ChemChina transaction in order to complete it”. MAI's share price plummeted in early trading on May 24th before rebounding to around a 3% fall on the day.