20 July 2010 22:44 [Source: ICIS news]
BUENOS AIRES (ICIS news)--Argentine agrochemicals and ethanol producer Atanor could be part of a larger acquisition by Israel-based crop protection major Makhteshim Agan, an Atanor official said on Tuesday.
Makhteshim Agan signed a letter of intent in June to acquire the operations of Dennis Albaugh, a maker of off-patent crop protection products operating in the ?xml:namespace>
Makhteshim's “agrochemicals portfolio in
Makhteshim already participates in the Argentine agrochemicals market through its subsidiary, Magan
The Atanor agrochemicals business unit accounts for 50% of Dennis Albaugh's sales in Argentina, Dominguez said.
Atanor “also has a chemicals unit - for which it produces caustic soda, chlorine and acetates- and a food unit focused on sugar processing, which includes the ethanol business,” he added.
According to the letter of intent, the acquisition of Dennis Albaugh would be completed for $340m (€262m) in cash, plus $455m in notes, $59m in common shares of Makhteshim and the assumption of up to $280m of Albaugh debt.
Makhteshim indicated it hoped to close the deal by the last quarter of 2010.
Atanor has a fungicide manufacturing plant in
($1 = €0.77)
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