ChemChina buy-out of Adama expected to conclude in June 2017
Adama management expects the deal to be completed by the end of June 2017, subject to implementation of agreements and obtaining regulatory and corporate approvals. Before then, Adama's shareholders - Chinese company ChemChina and Israel company Discount Investment Corporation - will have to complete the deal between them, in which ChemChina acquires Discount Investments' stake in Adama, becoming the sole owner of the company.
Adama's management, headed by Chen Lichtenstein, will continue leading the merged company. Lichtenstein said that the deal would create the world's only global Chinese agrochemical company, which would be the largest company in this sector in China and the first global agrochemical company listed on a stock exchange in China. "From the beginning of our partnership with ChemChina five years ago, we all made great efforts to plan and carry out our joint strategic vision - to create a unified global Chinese company. Adama plans to invest the capital raised in accelerating its growth, both worldwide and in China," Lichtenstein emphasized.
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