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)