MAI takeover deadline extended again
Makhteshim-Agan Industries (MAI) has further extended the deadline for the completion of its takeover by Chinese state-owned China National Chemical Corporation (ChemChina). The parties had already extended the deadline to September 30th ( Agrow No 619, p 3). The new deadline is October 31st. The company says that the delay is required because of the time needed to complete EU competition regulatory measures. The proposed takeover involves ChemChina taking a 60% controlling stake in MAI, with current major shareholder Koor Industries retaining a 40% holding ( Agrow No 607, p 2).