Makhteshim, Koor Advance as ChemChina Deal Gets China Approval
Makhteshim-Agan Industries Ltd. (MAIN) climbed the most in three months after the world’s biggest maker of generic agrochemicals said an agreement for China National Chemical Corp. to buy a controlling stake in the Israeli company received approval from a Chinese regulator.
The shares advanced 5.4 percent, the biggest intraday gain since Dec. 28, to 18.54 shekels as of 11 a.m. in Tel Aviv. Koor Industries Ltd. (KOR), which owns a 46.6 percent stake in Makhteshim, climbed 3.6 percent to 82.28 shekels.
The acquisition received approval from the National Development and Reform Commission of China, Koor said in a statement to the Tel Aviv Stock Exchange today. China National is still working to get approval from the Ministry of Commerce of China and the State Administration of Foreign Exchange of China.
“The approval is an important step toward an execution of the deal that benefits Makhteshim and Koor shareholders,” said Ori Licht, head of research at Tel Aviv-based IBI-Israel Brokerage & Investments Ltd.
To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
Rate this Page