Koor fulfils deal with former MAI shareholders
China National Chemical Corporation (ChemChina) subsidiary Makhteshim-Agan Industries (MAI) shareholder Koor Industries has completed its settlement with other previous MAI shareholders over the sale of a majority stake in the company. The parties reached a settlement over a class action by the minor stakeholders last year, entitling them to consideration as part of the transaction and receipt of $45 million ( Agrow No 607, p 2). The parties’ trustees have transferred just over $44.9 million. ChemChina completed the acquisition of a 60% controlling stake in MAI in October last year ( Agrow No 626, p 2). The deal left Koor with the remaining 40%.