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Makhteshim Agan Reports Extension of Period for Receiving Chinese Authorities’ Approvals

April 7, 2011

TEL AVIV, Israel, April 7, 2011 /PRNewswire-FirstCall/ — Makhteshim Agan
(http://www.ma-industries.com) (TASE: MAIN), the world leader in branded
off-patent crop protection solutions, reported today that ChemChina Notified
that it extended the period of receiving approvals from authorities in China
until May 7, 2011.

In continuation to immediate reports dated January 9, 2011, January 20,
2011
and March 30, 2011 (reference numbers 2011-01-009165, 2011-01-024423,
and 2011-01-098949) in connection with the merger dated January 8, 2011
between a subsidiary of China National Agrochemical Corporation
(“ChemChina”), Koor Industries (“Koor”) and the Company (“the Agreement”),
the Company reports as follows:

In continuation to the announcement issued by ChemChina regarding receipt
of approval of the NDRC (National Development and Reform Commission of China)
in connection with the transactions included in the Agreement, ChemChina
notified the Company that, in accordance with the Agreement, it extends the
date of receiving the approval of the Chinese authorities to May 7, 2011.
ChemChina added that it is in the process of obtaining the additional
required approvals from Chinese authorities – the approval of the Ministry of
Commerce of China and the approval of the State Administration of Foreign
Exchange of China and that the process is in progress as expected.

In addition Koor announced that it operates with ChemChina for the
purpose of preparing the detailed loan agreement and the letter of credit
provided to Koor as part of the completion of the transaction.

About Makhteshim Agan

Makhteshim Agan Industries, Ltd. (TASE: MAIN) is a world leading
manufacturer and distributor of branded off-patent crop protection products.
With sales of US$2.38 billion in 2010, MAI ranks seventh in global
agrochemical companies, fourth in Europe, with a global share of over 5%. The
Company is characterized by its know-how, high-level technological-chemical
abilities, expertise in product registration, observance of strict standards
of environmental protection, stringent quality control and global marketing
and distribution channels. The Company is well positioned to leverage its
global scale in sourcing, manufacturing, development and registration to
support attractive international growth drivers. To learn more please visit
us at: http://www.ma-industries.com

    Contacts:
    Rony Patishi-Chillim
    +972-73-2321119
    IR@ma-industries.com

SOURCE Makhteshim Agan Industries Ltd


Source: newswire



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