China National Chemical Corporation (ChemChina) and Koor Industries of the IDB Group, one of Israel’s leading business groups, signed a strategic cooperation agreement on 9 January 2011, regarding Makhteshim Agan Industries (MAI), one of the world’s leading generic agrochemical company.

This transaction will be the biggest deal of buying an Israeli company by a Chinese company. Under the agreement MAI will become a private company held by ChemChina (60%) and Koor of the IDB Group (40%).

At an enterprise value of US$3.4 billion, this transaction is one of the largest in the agrochemicals sector, the largest cross‑border acquisition of an Israeli company and one of the largest cross‑border acquisitions by a Chinese State‑Owned Enterprise in the past five years.