JERUSALEM, March 2 Israel's Discount Investment
Corp completed a takeover of sister company Koor
Industries in a move aimed at simplifying the
conglomerate structure of parent IDB Holding Corp, the
companies said on Sunday.
Under the deal, Discount is paying Koor shareholders 73.59
shekels per share in cash, valuing the company at 3.489 billion
shekels ($1.0 billion).
Discount already holds 67 percent of Koor, which owns 40
percent of Adama, the world's largest provider of generic crop
protection products. China National Chemical Corp (ChemChina)
owns the rest of Adama, formerly known as MA Industries.
One the merger is complete, Koor will become a private
company controlled by Discount.
IDB, one of Israel's largest conglomerates that is
structured as a pyramid, has fallen on hard times and was sold.
With the merger of Discount - 74 percent owned by IDB Holding -
and Koor, IDB is moving to a two-layer company..
Israel recently passed a law aimed at breaking up the
country's largest conglomerates and prevent the growth of new
($1 = 3.4878 Israeli shekels)
(Reporting by Steven Scheer)