Re: ChemChina Transaction - Update

TEL AVIV, Israel, June 24, 2011 /PRNewswire/ --

Pursuant to Makhteshim Agan Industries Ltd.'s (the "Company") reports in connection with the merger dated January 8, 2011 between a subsidiary of China National Agrochemical Corporation ("ChemChina"), Koor Industries ("Koor") and the Company ("the Agreement"), the Company reports as follows:

Koor and ChemChina have completed the drafting of the detailed loan agreement; the parties are close to completing the accompanying documentation. In addition, the parties are close to completing a number of additional documents required for the closing of the merger. The Company expects that, subject to approval of Koor's board of directors, the before mentioned documents will be signed during the next few days. Further, it is expected that soon after such signing a general shareholder meeting of the Company will be convened in order to approve the transaction.

In addition, the parties agreed to extend the last deadline for completing the transaction until the date of 30 September, 2011^[1], following this date any of the parties shall be entitled to terminate the Agreement.

Respectfully,
Makhteshim-Agan Industries Ltd.
By: Attorney Michal Arlozorov, Legal Counsel and Corporate Secretary

1. This without change of the pre-agreed conditions regarding additional extension under certain conditions of an equity issuance by the Company, as detailed in the transaction report attached to the Company's immediate report for 23 January, 2011 (reference 2011-01-025200)

Rony Patishi-Chillim
[email protected]
+972-72-2321119

SOURCE Makhteshim Agan Industries Ltd

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