Court OKs Koor deal on MAI class action
The Israeli Tel-Aviv Jaffa District Court has approved the “compromise agreement” between Makhteshim-Agan Industries’ (MAI) major shareholder, Koor Industries, and other shareholders. The parties reached a settlement over a class action by the minor stakeholders concerning the proposed takeover deal for MAI by Chinese state-owned China National Chemical Corporation (ChemChina – Agrow No 607, p 2). MAI’s “public” shareholders were “entitled to consideration as part of the ChemChina transaction” and receive a conditional $45 million, Koor said at the time. Conditions to the agreement include “closure of the ChemChina transaction and receipt by Koor of the non-recourse loan” of $960 million from ChemChina. It required the approval of the Court.