Domestic

ChemChina buys control of Israeli agri-chemicals maker

(Agencies)
Updated: 2010-12-29 10:36

China National Chemical Corp (ChemChina) offered to buy a controlling stake in Makhteshim-Agan Industries Ltd, the largest maker of generic agricultural chemicals, in a deal valuing the Israeli company at $2.4 billion, Bloomberg News reported Wednesday. 

ChemChina agreed to acquire seven percent of Makhteshim from Koor Industries Ltd and offered to buy all the publicly traded stock to bring its stake to 60 percent, the report cited Makhteshim as saying.

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China is the world's largest consumer of foods including pork, soybeans and rice, the report said. 

ChemChina, the nation's second-biggest chemical company, has 158.7 billion yuan ($24 billion) of assets, according to its website.