China National Chemical Cor-poration (ChemChina) and Koor Industries of the IDB Group, one of Israels leading business groups, signed a stra-tegic cooperation agreement on 9 January 2011, regarding Makhteshim Agan Industries (MAI), one of the worlds lead-ing generic agrochemical com-pany.
This transaction will be the biggest deal of buying an Israeli company by a Chinese company. Under the agreement MAI will become a private company held by ChemChina (60%) and Koor of the IDB Group (40%).
At an enterprise value of US$3.4 billion, this transaction is one of the largest in the agrochemicals sector, the largest crossborder acquisition of an Israeli company and one of the largest crossborder acquisitions by a Chinese StateOwned Enterprise in the past five years.
The transaction will enable ChemChina to become the global leader in the generic agrochemicals industry. The
ChemChina to buy israels makhteshim agam industries
In thIs Issue
regional newsElsa enters Baccalaureate Programme 3-6
business newsBangalore and Israel expected to sign a MOU 8-9
art and CulturePianist Victor Goldberg takes
on Hong Kong 10-12
FeatureJews in Tianjin Photo Exhibition 13
one-to-oneFather Desbois the memory keeper 14
Feature1,800 year old bathing pool discovered 18
Jewish communities in asiaCandle-lighting and the months Parshas 19
By Philip Jay
February 2011 Volume 5 Issue 9 Shevat / Adar 5771 www.jewishtimesasia.org
with a focus on China, which is the main engine growth of the global economy. I am pleased that our partners in ChemChina see this deal as an important step to strengthen ties with Israeli industry and the Israeli economy as a whole, and I am sure that this cooperation will contribute to strengthening the relationship between the Peoples Republic of China and the State of Israel.
Closing of the transaction is expected during the second or third quarter of 2011 and is still subject to certain approvals. Compass Advisers LLP is ChemChinas financial adviser in this transaction.
group is a leading largescale chemical enterprise in China, mainly engaged in chemical materials, oil refining, agrochemicals, rubber tires and chemical equipment.
ChemChina has total assets of about US$29 billion and total sales of about US$23 billion in 2010.
MAI manufacturers and distributes branded offpatent crop protection products. With sales of US$2.2 billion in 2009, MAI ranks seventh in global agrochemical companies and fourth in Europe.
Jianxin Ren, President of ChemChina, stated: On behalf of ChemChina, I am delighted that we have signed agreements to become partners in Makhteshim Agan with Koor Industries of the IDB Group. In the course of negotiations we have come to admire and respect the inspired leadership of Mr Nochi Dankner, Chairman
of the IDB Group, and his talented and dedicated team. Our partnership has added significance because it can strengthen the economic ties between the State of Israel and the Peoples Republic of China in the fields of agriculture, chemical science and beyond.
I have great respect for the State of Israel, its people, and our new partners at the IDB Group. I am looking forward to many years of mutually prosperous partnership and friendship with Mr Dankner and thank him for investing his trust and friendship with us at ChemChina. He added.
Nochi Dankner, Chairman of IDB Group, said, The strategic partnership signed today is a significant milestone for the economic relations between China and Israel. This transaction exemplifies the strategy of the IDB Group to be a leading Israeli business group, with activity in emerging markets and
Crop protection products for the agriculture sector
Nochi Dankner, Chairman of IDB Group
Kung Hei Fat Choy !!Happy Chinese
New YearYear of the Rabbit
110214_Final(dtp1).indd 1 15/02/2011 11:57 AM
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Elsa enters Baccalaureate Programme
Hong Kongs Elsa High School, East Asias first Jew-ish High School, has recently received authorisation as an International Baccalaureate Diploma Programme School. Elsa High will join the IB in-ternational community and announced that their current Grade 10 students will begin the Diploma programme in August 2011.
The school is only in its second year of operation, building on the strong foundations of Carmels Elementary School, now celebrating its 20th anniversary.
Considerable praise must be given to the Head Principal, Mrs Rachel Friedmann, her staff and the pupils.
We applied for IB status as soon as the school opened, we
Yosef Banda released from Japan jail Yosef Banda, one of the three boys who were arrested and detained in prison in Japan for alleged drug smuggling, was released from detention on 17 January 2011, in Israel, to the delight of his family and friends from around the world who supported him.
David C. Buxbaum of Anderson & Anderson, who worked with Tasuku Matsuo of Matsuo & Kosugi on this case, expressed his joy upon receipt of the good news. The release from jail of Mr Banda, was fully in accordance with the laws in Israel and those of Japan, Buxbaum said. The Ministry of Justice in Japan fully cooperated in his release, he said.
Buxbaum said the support
from the Jewish community throughout the world for the three fine boys from Bnei Brak, was of major importance in the ultimate success in bringing Yosef back to Israel and having him released from prison.
Certainly, the very important help of Rabbi Menachem Mendel Shafran and Rav Itshe Rosengarten in helping to organise many aspects of this case and in providing religious and material support for Yosef Banda, were major contributors to its ultimate disposition .
Buxbaum noted that of the remaining two boys, Yakov Grunwald is still waiting for his appeal to be decided and if successful he will be released immediately. Yoel Goldstein, the
third young boy incarcerated in Japan, has still not completed his trial. Apparently, said Buxbaum, the Goldstein team is hoping that if Yakov Grunwald is successful on his appeal, the trial judges in the Goldstein case will pay important attention to that case and perhaps find him innocent.
Yosef Banda was 17 years old when all this started. The other two boys and Yosef have been through a terrible ordeal. Yosef is now a mature young man. While the three boys were surely innocent, the person responsible for their horrible situation, Benzion Miller, has been sent to jail in Israel for his nefarious acts.
Courses on Sufism and Hebrew for world peaceJaipurs Central University in India has recently announced a language course on Hebrew and Sufism.
The language course in Hebrew was in response to the increasing bilateral ties between the states of India and Israel.
The growing strategic and diplomatic relationship between the two nations is generating
many opportunities for professionals. The proficiency in this language besides management or engineering degrees will open floodgates for our students in fields like space technology, agriculture and strengthening business ties, said MM Salunkhe, vicechancellor of Central University.
The university may also
open a research centre on Judaism and plans to invite Jewish and Sufis speakers to find out solutions to growing confrontation between Muslims and Jews across the globe.
S y e d N a z m u l H a s a n Chisthy, a Sufi scholor has offered his assistance to design the curriculum for research programme in Sufism.
The granting of the IB status is considerable and rigorous but Elsa