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9 months ago
Discount Investment says Adama sale to ChemChina expected mid-November
November 7, 2016 / 1:03 PM / 9 months ago

Discount Investment says Adama sale to ChemChina expected mid-November

JERUSALEM, Nov 7 (Reuters) -

* Israel's Discount Investment Corp expects a deal to sell its 40 percent stake in crop protection maker Adama to China National Chemical Corp (ChemChina) for $1.4 billion, including debt, will be completed around mid-November.

* The company said on Monday it had received most approvals needed for the deal's completion.

* The deal is set to pave the way for a merger between Adama, the world's biggest producer of generic crop protection products, and smaller agrochemical producer Sanonda. Sanonda is a subsidiary of ChemChina, which already owns 60 percent of Adama.

* In a statement to the Tel Aviv Stock Exchange, Discount Investment said it received approvals from regulators in China, antitrust permits and foreign investment approval in other countries.

* The company said it has yet to receive approval from the bank in China that provided non-recourse loans, which it understands is now completing its necessary checks. (Reporting by Ari Rabinovitch)

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