ChemChina Gets Final OK To Buy Israeli MA Industries

China National Chemical Corp (ChemChina) has received final approval for its bid to buy a controlling stake in Israeli generic agrochemicals maker MA Industries.

MA said on Sunday that ChemChina over the weekend won approval from the Administration of Foreign Exchange of China.

"This concludes the required approvals from the Chinese authorities for the transaction," MA said in a statement.

The deal to buy control of MA, the world's largest maker of generic crop protection products, received approval from the National Development and Reform Commission of China in March.

It has also received approval from China's Ministry of Commerce.

Koor Industries, a subsidiary of IDB Holding Corp, owns 47% of MA.

The deal values MA at $2.4 billion. ChemChina will buy the 53% of MA held by the public for $1.27 billion and pay Koor $168 million for another 7%.