Adama Agricultural Solutions today reported that the China Securities Regulatory Commission (CSRC) has unconditionally approved its combination with Sanonda. At its outset, it will be the sixth largest global crop protection company and the largest in China, according to a press release.
Upon completion of the deal, the combined company will be floated on the Shenzhen Stock Exchange.
Adama’s combination with Sanonda is expected to create the only integrated global-China crop protection company, with combined 2016 sales of $3.35 billion, the release stated.
After necessary corporate approvals, the combined company will operate under the Adama name and brand and will be led by Adama’s global management team, to be joined by colleagues from China. Central operations will continue to be based in Israel, including global R&D, registration and operations.
The combination is subject to certain additional regulatory approvals, which are expected to be obtained in the coming weeks, the release noted.