ChemChina, a leading Chinese chemicals manufacturer, plans to buy a controlling stake in Israel’s Makhteshim Agan Industries for $1.44bn.
The proposed deal to buy a 60 per cent stake in MA Industries, a leading manufacturer of crop protectants such as pesticides, would be one of the largest Chinese acquisitions to date in the agrochemicals sector.
ChemChina’s move underscores how vital food security is for China. In September, state-run Sinochem contemplated a bid for Canada’s PotashCorp, showing the importance of the fertiliser sector to China, a big importer of potash.
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