ChemChina Reworking Deal For Makhteshim

Terms of China National Chemical’s plan to acquire Israeli off-patent agricultural chemicals maker Makhteshim Agan Industries are being renegotiated. The two firms reached a tentative deal in October that would have given ChemChina a 70% stake in Makhteshim, with Israeli investment firm Koor owning the balance (C&EN, Oct. 18, page 6). Koor says a new agreement would reduce the valuation of Makhteshim by $300 million to $2.4 billion and would require Koor to hold a larger but as-yet-undetermined stake. Just days after the renegotiation update, Makhteshim reported a third-quarter net loss of $56 million, mostly due to underperforming operations in Brazil, where plant closures will result in the loss of 320 jobs.