Makhteshim shareholders approve sale to ChemChina

Date:08-08-2011

Last week, Makhteshim announced that the closing of the deal had been postponed until the end of October. Makhteshim's controlling shareholder, Koor Industries Ltd.

Under January 2011 deal, ChemChina will acquire the public's holdings in Makhteshim Agan, and 7% of Koor's shares in the company. Makhteshim will become a private company, 60% owned by ChemChina 40% by Koor. As part of the deal, Makhteshim Agan shareholders will receive $1.27 billion for 53% of the company's shares, and Koor will receive about $168 million for 7% of its shares in Makhteshim Agan.

Makhteshim's share price 1.3% by midday today to NIS 18.86, giving a market cap of NIS 8 billion.