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MAI takeover deal deadline extended

Makhteshim-Agan Industries’ (MAI) main shareholder Koor Industries and its proposed buyer, Chinese state-owned China National Chemical Corporation (ChemChina), have extended the deadline for completing the latter’s takeover of MAI. The new closing date is September 30th. ChemChina and Koor have also completed the drafting of the “detailed loan agreement”. Koor is to receive a non-recourse $960 million loan from ChemChina as part of the takeover deal, which would leave Koor holding a 40% stake in MAI ( Agrow No 618, p 2). Shareholders in MAI reached a settlement earlier this month with Koor in a High Court class action over the takeover ( Agrow ibid), and have since signed the agreement. That settlement still requires the approval of the Court.

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