MA, ChemChina’s acquisition deal receive approval from the Chinese Ministry of Commerce

Makhteshim Agan Group, the global leader in generic solutions for crop protection, has announced receipt of approval from the Chinese Ministry of Commerce through ChemChina, and that it expects to receive the approval of SAFE, the State Administration of Foreign Exchange of China. Koor has also announced that the parties to the loan agreement are progressing in formulating the terms of the detailed loan agreement and the wording of the loan facility letter that will be available to Koor as part of the transaction.

Further to the Immediate Reports dated January 9, 2011, January 20, 2011, March 30, 2011 and April 7, 2011 concerning the merger agreement dated January 8, 2011 between a subsidiary of the China National Chemical Corporation (“ChemChina”), Koor Industries Ltd and the Company (“the Agreement”), the Company reports as follows:
 
Pursuant to the announcement by ChemChina that it had received the approval of The National Development and Reform Commission of China (“NDRC”) for the transactions under the Agreement, ChemChina informed the Company on May 4, 2011 that it had also received the approval of the Chinese Ministry of Commerce to the said transactions.

In addition, ChemChina announced that it is in the process of obtaining the final approval required from the Chinese authorities – approval from the State Administration of Foreign Exchange of China (“SAFE”) and that it expects to receive this approval in the coming days. The parties have accordingly agreed to extend the latest date for obtaining the approvals from the authorities in China to May 13, 2011.

Koor has also announced that the parties to the loan agreement are progressing in formulating the terms of the detailed loan agreement and the wording of the loan facility letter that will be available to Koor as part of the transaction.