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Koor seeks to up MAI stake

Makhteshim-Agan Industries (MAI) shareholder Koor Industries has offered to raise its stake in the Israeli agrochemical company from around 41.5% to 46.6%. It is offering NIS16.20 ($0.42 at the current rate) per share to a total value of NIS356.4 million ($9.1 million) for the extra 5.1%. Acceptance of the offer is conditional on a company vote, not including votes by the offering shareholder. Koor is already the major shareholder, while MAI holds 39.9% of its own shares. The move is in contrast to that of last year, when Koor sought to sell shares ( Agrow No 542, p 2). The deadline for the offer is September 10th. MAI sales fell in the second quarter (see this issue).

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