Scottish law firm MacRoberts recently advised on the Exim Bank financing of CNAC’s $1.4 billion purchase of ADAMA Agricultural Solutions Ltd.
In November 2016, The Export-Import Bank of China (China Exim Bank), a state bank solely owned by the Chinese government and under the direct leadership of the State Council, provided a loan in the amount of $1.89 billion to China National Agrochemical Corp. (CNAC) for the purpose of acquiring a 60 per cent stake in ADAMA Agricultural Solutions Ltd. (ADAMA), the leading Israeli manufacturer and distributor of crop protection products including herbicides, insecticides and fungicides, and one of the world’s leading crop protection companies.
MacRoberts assisted the law firm of Jincheng Tongda & Neal (JT&N), Beijing, (the Advoc member firm in Beijing) – as lead counsel to China Exim Bank – in relation to UK law aspects of the deal. The JT&N deal team was led by Beijing-based partner Chelsea Li. The MacRoberts team comprised partners Roddy Maclennan and David Flint, and associate Lisa Maguire.
CNAC is a wholly-owned subsidiary of China National Chemical Corporation, and is the largest pesticide production and sales in China, and the fifth largest in the world.