Koor compromise with MAI shareholders - update
Makhteshim-Agan Industries’ (MAI) “public” shareholders have signed the compromise agreement reached earlier this month with the major shareholder, Koor Industries. The settlement accepted that shareholders “that are entitled to consideration as part of the ChemChina transaction” would receive a conditional $45 million, Koor says. The shareholders had launched a class action concerning the takeover deal for MAI by Chinese state-owned China National Chemical Corporation (ChemChina – Agrow No 607, p 2). Conditions to the agreement included “closure of the ChemChina transaction and receipt by Koor of the non-recourse loan” of $960 million from ChemChina. The deal required the agreement of the High Court and written approval of the shareholders. Only the Court’s agreement is outstanding.