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Nov 18, 2013

HFN Advises Makhteshim Agan in Groundbreaking Partial Tender Offer for Equity in Chinese Company

HFN advised Makhteshim Agan Industries Ltd., the world's largest manufacturer and distributor of branded off-patent crop and non-crop protection products and a subsidiary of ChemChina, in a groundbreaking partial tender offer for the purchase of an equity stake in Hubei Sanonda Co., Ltd. a PRC company, whose shares are listed for trading on the Shenzen Stock Exchange, for a total amount of approximately USD 57 million.

The partial tender offer required the approval of several Chinese regulatory authorities, including the SASAC (the Chinese governmental companies regulator) and the China Securities Regulatory Commission, and is the first ever partial tender offer of a non-PRC company, to purchase shares of a PRC company whose shares are traded on a Chinese stock exchange.

This matter was led by Capital Markets and Securities joint heads Ehud Sol and Ilanit Landesman Yogev and partner Nir Dash.

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