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ChemChina buy-out of Adama expected to conclude in June 2017

Adama, which produces agricultural pesticides, is one step closer to being merged into Chinese company Sanonda, listed on the Shenzhen Stock Exchange. Adama reported that a business outline had been submitted to the Shenzhen Stock Exchange, following approval by the Sanonda board of directors. Trading in the Sanonda share is accordingly slated to resume in the coming days, after having been halted more than a year ago due to the negotiations for a merger with Adama.

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.

Read more at Globes
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