ChemChina acquires majority stake in Makhteshim Agan

China National Chemical's (ChemChina) subsidiary China National Agrochemical has acquired 60% of shares in Israel's Makhteshim Agan Group (MAI), while the other 40% remain owned by Koor Industries.

As per the agreement, MAI's existing management team will continue to lead the company, and its headquarters will remain in Israel.

The closing occurred following the satisfaction of several closing conditions, including approval of the transaction by MAI shareholders and European, US and Brazilian anti-trust authorities.

MAI president and CEO Erez Vigodman said the merger will enable the company to strengthen their ability to provide effective, reliable solutions to farmers worldwide.

''In addition, it will give us a strong presence in markets throughout China and the entire Asia / Pacific region," Vigodman added.