Deals
Makhteshim Drops Most in 5 Months on ChemChina Talks
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Makhteshim-Agan Industries Ltd. slid the most in almost five months after China National Chemical Corp., which is in talks to buy the world’s biggest maker of generic crop chemicals, asked that Makhteshim’s value be reduced by more than $300 million.
Makhteshim tumbled 4.8 percent to 17 shekels at the 4:30 p.m. close in Tel Aviv, the biggest decline since June 29. The stock had gained 33 percent through Nov. 18 after Koor Industries Ltd., the owner of a 44 percent stake in Makhteshim, said Oct. 11 it reached an “initial understanding” with ChemChina to take Makhteshim private in a deal that would value the Lod, Israel-based company at $2.72 billion.