Market sources told "Globes" today that IDB Holding Corp. Ltd. (TASE:IDBH)) executives are currently in China, as talks on the sale of subsidiary Makhteshim Agan Industries Ltd. (TASE: MAIN) to China National Chemical Corporation (ChemChina) continue.
A deal may be near, as market sources believe that the Chinese government is set to soon authorize the deal.
In mid-October, Makhteshim reported that it was in talks with ChemChina, on deal in which ChemChina would buy 70% of Makhteshim at a company value of $2.72 billion. The stake would consist of 17% bought from IDB subsidiary Koor Industries Ltd.'s (TASE:KOR), and the public's entire stake. Koor would retain the other 30% of Makhteshim, which would be a private company controlled by ChemChina.
Nochi Dankner is the controlling shareholder of IDB.
An IDB spokesperson said, "Contacts in China continue."
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2010
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