Makhteshim Agan Reports Receipt of Approval from Chinese Governmental Authority (NDRC)

Mar 30, 2011, 06:01 ET from Makhteshim Agan Industries Ltd

TEL-AVIV, Israel, March 30, 2011 /PRNewswire-FirstCall/ -- The Makhteshim Agan Group (http://www.ma-industries.com/) (TASE: MAIN), the world leader in branded off-patent crop protection solutions, today reported that pursuant to the Company's report concerning the merger agreement on January 8, 2011 between a subsidiary of the China National Chemical Corporation ("ChemChina"), Koor Industries and the Company ("the Agreement"), the Company reports as follows:

As reported by ChemChina, ChemChina has received approval from the National Development and Reform Commission of China (the NDRC) for the transactions included in the Agreement. The said approval is one of the approvals required from the Chinese governmental authorities in order to close the said transactions. It has also been reported by ChemChina that it is in the process of obtaining the additional approvals required from the Chinese governmental authorities: the approval of the Ministry of Commerce of China, and the approval of the State Administration of Foreign Exchange of China.

About Makhteshim Agan

Makhteshim Agan Industries, Ltd. (TASE: MAIN), http://www.ma-industries.com, is a world-leading manufacturer and distributor of branded off-patent crop protection products. With sales of US$2.37 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 knowhow, high-level technological-chemical abilities, expertise in product registration, the 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.

    Contact:
    Rony Patishi-Chillim
    Head of Global Corporate Communications
    Email: IR@ma-industries.com
    +972-73-2321119

SOURCE Makhteshim Agan Industries Ltd