M& A: Chem China- Makhteshim Agan(Adama) CASE 2 China National Agrochemical(60% MAI Israel(Adama) Corp(CNAC) (Non-)agrochemical products Raw materials (DELIST artie 40 China National S2. 4bn Chemical Corp (ChemChina) nareholder Agmts Koor Industries Tel aviv Antitrust? State-owned Assets Post-acquisition plans Supervision and Adama iPo in the us? Administration .Adama acquires chinese companies Commission-SASAC .Adama exclusive distributor CESLELECTIVE-APRIL2016 10CESL ELECTIVE - APRIL 2016 10 M & A: ChemChina – Makhteshim Agan (Adama) CASE 2 China National Chemical Corp. (ChemChina) China National Agrochemical Corp. (CNAC) State-owned Assets Supervision and Administration Commission-SASAC 60% MAI Israel (Adama) (Non-)agrochemical products Raw materials (DELIST!) Koor Industries Tel Aviv 40% Post-acquisition plans ▪Adama IPO in the US? ▪Adama acquires Chinese companies ▪Adama exclusive distributor Antitrust? $2.4bn