"For me, this deal opens the door to more transactions in China," IDB Holding Corp. Ltd. (TASE:IDBH) chairman Nochi Dankner told "Globes", following the sale of agrochemicals company Makhteshim Agan Industries Ltd. (TASE: MAIN) to China National Chemical Corporation (ChemChina) at NIS 20 per share, reflecting a company value of $2.4 billion.
Dankner said, "I closely experienced the negotiations with the Chinese for the last three and a half months. There's a team here of patriotic Chinese who loyally represent the Chinese nation, and that may be why they are tough and very carefully insist on every detail."
He added, "The negotiations were tough and challenging, and required great stamina and patience from us. I wondered at the Chinese's conduct during the negotiations, because even when there were remarks about the lack of commercial agreement, it was said in a respectable and warmhearted way, with good chemistry and marvelous personal relations. We created a partnership."
Explaining the moment he decided to close the deal, Dankner said, "When I arrived in China two days ago, I asked everyone how the mood and relationship were. Every member of the Israeli team praised the Chinese team, and when I asked the Chinese, they praised the Israeli team. When I saw the chemistry and respect, it gave me great confidence and security, and I decided to close the deal."
Dankner commented on his relationship with ChemChina chairman Ren Jianxin. "I've known Ren Jianxin for three years. Our relationship became tighter in recent months over the negotiations, both in letters and in conversation. I found an extraordinary man. A knowledgeable man who is determined to get things done. A true Chinese patriot. I wish each of us was such a patriot. He built ChemChina from almost nothing, and built up an exceptional team of people. He is a great friend of Israel, and is very interested in it. I am proud of this connection."
Published by Globes [online], Israel business news - www.globes-online.com - on December 28, 2010
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