Makhteshim drops US co acquisition bid

Shekel strengthens ahead of April CPI

Missouri-based Albaugh is the world's largest private agrochemicals producer.

Makhteshim Agan Industries Ltd. (TASE: MAIN) has terminated its negotiations to acquire US generic agrochemicals rival Albaugh Inc. Makhteshim said that the due diligence uncovered findings "which constituted a material deviation from the data based on which the company decided to enter the letter of intent." Makhteshim approved the letter of intent in late June.

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Missouri-based Albaugh is the world's largest private agrochemicals producer, wholly owned by its founder Dennis Albaugh.

Makhteshim was due to acquire Albaugh for $785 million: $340 million in cash and $455 in a seven-year loan.

Makhteshim's share price rose 1.3% in morning trading today to NIS 13.42, giving a market cap of NIS 6.1 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2010