ChemChina gets initial govt nod to buy Israel's MA

China National Chemical Corp (ChemChina) has cleared a key regulatory hurdle in its bid to buy a controlling stake in Israeli agrochemicals maker MA Industries, MA's parent said on Wednesday.

Koor Industries, which owns 47 percent of MA, said it had been informed by ChemChina that the National Development and Reform Commission of China has approved the deal to buy 60 percent of MA, the world's largest maker of generic crop protection products.

The deal values MA at $2.4 billion, or 19.98 shekels a share. ChemChina will buy the 53 percent of MA held by the public for $1.272 billion and pay Koor $168 million for another 7 percent.

The company is still in the process of getting approvals from China's Ministry of Commerce and the State Administration of Foreign Exchange, Koor said in a statement to the Tel Aviv Stock Exchange.