10/01/2017 - Next step in Adama's combination with Sanonda
TEL AVIV, ISRAEL, January 10th, 2017
Adama Agricultural Solutions today reported on further progress toward its combination with Sanonda. On Monday, January 9th, 2017, Sanonda reported that its Board of Directors set January 25, 2017 as the date of the general shareholders meeting for the approval of the transaction.
In addition, Sanonda’s Board of Directors approved the transaction report for the company's combination with Adama, with no material changes to the draft released in September 2016.
The transaction is expected to be completed in the first half of this year, and is subject to regulatory approvals.
About the Transaction:
Adama's combination with Sanonda is expected to create, in one coordinated step, the only integrated Global-China crop protection company, which at its outset will be the largest crop protection company in China, as well as the first global one to be publicly traded on the Chinese stock market. The transaction will be accomplished through the issuance by Sanonda of new shares to Adama's shareholder CNAC, in exchange for all the shares in Adama. The combined company's shares will be listed on the Shenzhen Stock Exchange, providing access to RMB- and Hong Kong Dollar-denominated capital. Upon completion of the transaction, the combined company will be owned approximately 75% by CNAC, with the remaining 25% owned by institutional and retail investors.
ADAMA Agricultural Solutions Ltd. is one of the world's leading crop protection companies, with sales in the twelve months ending September 30 2016 of $3.1 billion. We strive to Create Simplicity in Agriculture – offering farmers effective products and services that simplify their lives and help them grow. With one of the most comprehensive and diversified portfolios of differentiated, quality products, Adama's 4,900 people reach farmers in over 100 countries across the globe, providing them with solutions to control weeds, insects and disease and improve their yields. For more information, visit us at www.adama.com. Follow us on Twitter® at @AdamaAgri.