Israel's Makhteshim-Agan Industries (MA) has ended talks to acquire US firm Albaugh for approximately $1bn, blaming findings during due diligence.
MA said it halted the negotiation due to the discovery of substantial deviation from the data upon which the company had based its decision to sign a letter of intent, according to Reuters.
The Israel-based agrochemical producer had previously signed a letter of intent to pay $340m in cash, $455m in seven-year promissory notes and $59m of its own shares.
In June, MA said it planned to buy Albaugh to boost its presence in the US and strengthen its position as the world's biggest generic crop protection chemicals manufacturer.
