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Makhteshim Agan Announces Receipt of Approval From the Chinese Ministry of Commerce Through ChemChina

May 5, 2011

TEL-AVIV, Israel, May 5, 2011 /PRNewswire-FirstCall/ — Makhteshim Agan
Group (TASE: MAIN), the global leader in generic solutions for crop
protection, has announced receipt of approval from the Chinese Ministry of
Commerce through ChemChina, and that it expects to receive the approval of
SAFE, the State Administration of Foreign Exchange of China. Koor has also
announced that the parties to the loan agreement are progressing in
formulating the terms of the detailed loan agreement and the wording of the
loan facility letter that will be available to Koor as part of the
transaction.

Further to the Immediate Reports dated January 9, 2011, January 20, 2011,
March 30, 2011 and April 7, 2011 concerning the merger agreement dated
January 8, 2011 between a subsidiary of the China National Chemical
Corporation (“ChemChina”), Koor Industries Ltd and the Company (“the
Agreement”), the Company reports as follows:

Pursuant to the announcement by ChemChina that it had received the
approval of The National Development and Reform Commission of China (“NDRC”)
for the transactions under the Agreement, ChemChina informed the Company on
May 4, 2011 that it had also received the approval of the Chinese Ministry of
Commerce to the said transactions.

In addition, ChemChina announced that it is in the process of obtaining
the final approval required from the Chinese authorities – approval from the
State Administration of Foreign Exchange of China (“SAFE”) and that it
expects to receive this approval in the coming days. The parties have
accordingly agreed to extend the latest date for obtaining the approvals from
the authorities in China to May 13, 2011.

Koor has also announced that the parties to the loan agreement are
progressing in formulating the terms of the detailed loan agreement and the
wording of the loan facility letter that will be available to Koor as part 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
    IR@ma-industries.com
    +972-73-2321119

SOURCE Makhteshim Agan Industries Ltd


Source: newswire



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