United Phosphorus (UPL) has acquired a controlling 51% stake in the Brazilian subsidiary of German crop protection company DVA Agro (Hamburg). DVA Agro Brazil (Campinas) produces, markets, sells and distributes crop protection and specialty products in Brazil. UPL’s acquisition will include an immediate cash outlay of around $150 million, which will be accomplished through a primary infusion of funds in DVA Agro Brazil and a secondary purchase of shares from existing shareholders.
DVA Agro ...
The impending takeover of Makhteshim-Agan Industries (MAI) by the Chinese state-owned China National Chemical Corporation (ChemChina) has led to a cut in its credit rating. Rating agency Standard & Poor’s (S&P) has cut the company’s rating from ilAA- to ilA+, with a “stable” rating. “The company is exposed due to a lack of clarity regarding the impact of the acquisition of control of the company on its business strategy and financial policy.” It also notes MAI’s falling profitability and ...
Makhteshim-Agan Industries (MAI) is to combine the operations of its two US non-crop pesticide businesses. The turf and ornamental business, Quali-Pro (Raleigh, North Carolina), will be integrated with Control Solutions (Pasadena, Texas), which focuses on the pest control, lawn and garden, and animal health sectors. The integration of the businesses will enable MAI to supply a “more comprehensive portfolio of effective products for our customers in the environmental solutions market”, says ...
Makhteshim-Agan Industries’ (MAI) “public” shareholders have signed the compromise agreement reached earlier this month with the major shareholder, Koor Industries. The settlement accepted that shareholders “that are entitled to consideration as part of the ChemChina transaction” would receive a conditional $45 million, Koor says. The shareholders had launched a class action concerning the takeover deal for MAI by Chinese state-owned China National Chemical Corporation (ChemChina – Agrow No ...
