Jain Irrigation to acquire an Israeli co.

The Indian agriculture conglomerate Jain Irrigation Systems is buying 50% of Israel's Na'an Dan Irrigation at a company valuation of NIS 140 million.

Sources in Israel's agriculture sector say that Na'an Dan preferred the Indian offer, even though Israeli company Netafim's offer was more attractive in many respects. The reason for rejection is believed to be that Netafim demanded a controlling share in the company, raising concerns that Netafim would take steps to integrate the management activities of the two companies, sending Na'an Dan's management home.

Source: Haaretz.com
Related News: Jain Irrigation to acquire US-based Aquarius Brands for $21.5 mn

Jain Irrigation to acquire US-based Aquarius Brands for $21.5 mn

Jain Irrigation Systems will buy 100% stake in California-based Aquarius Brands from Habasit Holdings for $21.5 mn (Rs. 94.7 crores) in an all-cash deal. With the acquisition, Jain irrigations will become the second largest drip irrigation firm in the world. The acquisition will be made through Jain Irrigation, Inc., the wholly-owned US subsidiary of the company. Earlier, Jain Irrigation had acquired Chapin Watermatics, a leading manufacturer of drip taps in Watertown, New York in May 2006.

Read the article in Business Standard.