ADAMA announces next step in its merger with Sanoda
Jan. 12, 2017
In addition, Sanonda's Board of Directors approved the transaction report for the company's combination with Adama, with no material changes to the draft released in September 2016.
The transaction is expected to be completed in the first half of this year, and is subject to regulatory approvals.
About the Transaction:
Adama's combination with Sanonda is expected to create, in one coordinated step, the only integrated Global-China crop protection company, which at its outset will be the largest crop protection company in China, as well as the first global one to be publicly traded on the Chinese stock market. The transaction will be accomplished through the issuance by Sanonda of new shares to Adama's shareholder CNAC, in exchange for all the shares in Adama. The combined company's shares will be listed on the Shenzhen Stock Exchange, providing access to RMB- and Hong Kong Dollar-denominated capital. Upon completion of the transaction, the combined company will be owned approximately 75% by CNAC, with the remaining 25% owned by institutional and retail investors.
More from AgroNews
- 2017 Formulation & Adjuvant Technology Magazine Is Now Available For Downloading
- Brazil introduced new bill aiming to reduce registration time for agrochemicals by half
- AgraSyst : Dicamba Tolerant Crops - A Development Opportunity or A Debacle?
- New round of environmental compliance inspection of Chinese chemical industry starts; be alert to impact to plan global sourcing