MAI shareholders OK takeover by ChemChina
Makhteshim-Agan Industries’ (MAI) shareholders have approved the terms of the takeover of the company by the Chinese state-owned China National Chemical Corporation (ChemChina) by a “large majority”. The endorsement “is a significant step” in the process, the company says. MAI has also been notified that major shareholder Koor Industries has obtained the approval of the general meeting of Discount Investment Corporation (DIC) shareholders for its liabilities concerning DIC’s stake in Koor. They are included in the agreement between Koor and ChemChina. That was a further condition of the takeover. All Chinese state authorisations have been granted, but the deal requires the approval of EU competition regulators. The deadline for the deal has been further extended. The parties had already extended it to September 30th ( Agrow No 619, p 3). The new deadline is October 31st.