TEL AVIV, Israel - China National Chemical Corp (ChemChina), which is in talks to buy MA Industries, is seeking a lower price for the world's No 7 agrochemical maker, which had warned it would report a wider quarterly loss this week.
State-run ChemChina is seeking to set the valuation for Israel's MA at $2.40 billion instead of the $2.72 billion originally discussed, MA's parent company Koor Industries said in a statement on Sunday.
The new price reflects a share price of 20.3 shekels ($5.58) for MA, which makes herbicides, fungicides and insecticides. Its stock was down 6.9 percent to 16.62 shekels in early afternoon trade. Koor shares were down 4.3 percent.
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