China DealBook
A Newsletter on Deal Making in China

By: ChinaDesk | September 14, 2016

A Newsletter on Deal Making in China

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Deal News

China’s Sanonda to buy Israel’s Adama Agricultural for $2.8 billion

China's Hubei Sanonda will acquire Israel's Adama Agricultural Solutions for about 18.6 billion yuan ($2.79 billion). Sanonda, based in Hubei province in China's central, also said it aimed to raise up to 2.5 billion yuan in a private placement of shares to help fund Adama's production and expansion projects.

Earlier this year, Israel's Discount Investment Corp agreed to sell a 40 percent stake in Adama to Sanonda's parent China National Chemical Corp (ChemChina) for $1.4 billion, including debt. ChemChina owned 60 percent of Adama before the deal.