TEL AVIV, Israel, April 7, 2011 /PRNewswire-FirstCall/ -- Makhteshim Agan (http://www.ma-industries.com) (TASE: MAIN), the world leader in branded off-patent crop protection solutions, reported today that ChemChina Notified that it extended the period of receiving approvals from authorities in China until May 7, 2011.
In continuation to immediate reports dated January 9, 2011, January 20, 2011 and March 30, 2011 (reference numbers 2011-01-009165, 2011-01-024423, and 2011-01-098949) in connection with the merger dated January 8, 2011 between a subsidiary of China National Agrochemical Corporation ("ChemChina"), Koor Industries ("Koor") and the Company ("the Agreement"), the Company reports as follows:
In continuation to the announcement issued by ChemChina regarding receipt of approval of the NDRC (National Development and Reform Commission of China) in connection with the transactions included in the Agreement, ChemChina notified the Company that, in accordance with the Agreement, it extends the date of receiving the approval of the Chinese authorities to May 7, 2011. ChemChina added that it is in the process of obtaining the additional required approvals from Chinese authorities - the approval of the Ministry of Commerce of China and the approval of the State Administration of Foreign Exchange of China and that the process is in progress as expected.
In addition Koor announced that it operates with ChemChina for the purpose of preparing the detailed loan agreement and the letter of credit provided to Koor as part of the completion of the transaction.
About Makhteshim Agan
Makhteshim Agan Industries, Ltd. (TASE: MAIN) is a world leading manufacturer and distributor of branded off-patent crop protection products. With sales of US$2.38 billion in 2010, MAI ranks seventh in global agrochemical companies, fourth in Europe, with a global share of over 5%. The Company is characterized by its know-how, high-level technological-chemical abilities, expertise in product registration, observance of strict standards of environmental protection, stringent quality control and global marketing and distribution channels. The Company is well positioned to leverage its global scale in sourcing, manufacturing, development and registration to support attractive international growth drivers. To learn more please visit us at: http://www.ma-industries.com
Contacts: Rony Patishi-Chillim +972-73-2321119 IR@ma-industries.com
SOURCE Makhteshim Agan Industries Ltd