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HomePosts Tagged "merger"
Agribusiness, Agro chems – Fertilizers, Company News, Finance, India

Competition Commission of India (CCI) also approved acquisition of equity shares of Mangalore Chemicals & Fertilizers Limited by Zuari Maroc Phosphates Private Limited.

The Competition Commission of India (CCI) has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers with Paradeep Phosphates Limited and proposed acquisition of equity shares of Mangalore Chemicals & Fertilizers Limited by Zuari Maroc Phosphates Private Limited.

Paradeep Phosphates Limited (PPL) is a company under the Adventz group of companies (Adventz group). The majority shareholding in PPL is held by ZMPPL. ZMPPL is a 50:50 joint venture between Zuari Agro Chemicals Ltd (ZACL), a company belonging to the Adventz group and OCP S.A. (OCP). PPL is primarily engaged in the production and marketing of complex phosphatic fertilizers.

Mangalore Chemicals & Fertilizers Limited (MCFL) is a company under the Adventz group. The majority shareholding (i.e. 54.03 per cent) in MCFL is held by ZACL. MCFL is primarily engaged in the production and marketing of complex phosphatic fertilizers.

Zuari Maroc Phosphates Private Limited (ZMPPL) is a 50:50 joint venture between ZACL and OCP. ZMPPL currently holds 56.08 per cent equity stake in PPL. ZMPPL carries out trading of fertilizers.

The Proposed Combination comprises of: (i) the proposed amalgamation of MCFL with and into PPL, on a going concern basis (Proposed Merger); and (ii) the proposed acquisition of 3,92,06,000 equity shares of MCFL by ZMPPL from ZACL (Proposed Acquisition) (the Proposed Merger and Proposed Acquisition are collectively referred to as the Proposed Combination).

Competition Commission of India (CCI) also approved

Agribusiness, Collaborations, Company News, Water

Rivulis will integrate its cloud-based precision irrigation subsidiary, Manna, into Phytech.

In a pivotal advance for the agricultural technology industry, Rivulis, a global climate and irrigation leader, and Phytech, a pioneer in digital farming solutions, are excited to announce their new strategic partnership. This collaboration represents a major step forward in sustainable farming, combining Rivulis’ global presence and leadership in micro irrigation products and solutions with Phytech’s cutting-edge real-time plant health and hydraulic monitoring and automation technology.

Rivulis, recognized for enhancing irrigation efficiency and boosting productivity across diverse farming environments, will integrate its cloud-based precision irrigation subsidiary, Manna, into Phytech. Phytech’s data driven approach, initially focused on aiding agronomic decision-making through real-time plant/tree health monitoring, has gradually expanded into real time hydraulic monitoring and automation of grower’s irrigation and fertigation infrastructure, providing farmers with a comprehensive view of their entire irrigation and fertigation system and further improving efficiency and sustainability.

This integration enables farmers to optimize plant performance and resource usage with unprecedented accuracy and simplicity, setting a new standard in the ag-tech sector. By merging Phytech’s detailed, sensor-based field data with Manna’s spatial remote sensing capabilities, farmers will gain unparalleled monitoring and insights into their crops, irrigation systems, and fields, alongside actionable irrigation recommendations and closed-loop system automation. The integration of Manna into Phytech also includes the Jain Logic and Observant offerings in the USA and Australia, respectively.

This strategic alliance also solidifies Rivulis’ role as a shareholder in Phytech and expands the reach of Phytech’s advanced solutions across Rivulis’ extensive global retail network and turnkey project channels, aiming to accelerate global agriculture technology adoption. Phytech’s technology can also enable irrigation dealers to enrich their service to growers with a data driven proactive approach. Rivulis will continue to offer additional solutions such as ReelView, the free, cloud-based crop and field monitoring application, in conjunction with its products.

Rivulis’ CEO, Richard Klapholz, stated, “This partnership marks a pivotal moment for us at Rivulis as we join forces with Phytech to drive unprecedented advancements in agricultural technology. The integration of ReelView and Manna within Phytech enables a seamless digital journey for farmers, providing a tiered approach for farmers to integrate increasingly sophisticated ag-tech capabilities into their operations. Together, we are setting new standards for efficiency and sustainability in farming practices worldwide.”

Phytech’s CEO, Oren Kind remarked, “Our initial success in encouraging growers to adopt technology stemmed from addressing real needs, such as alleviating the loneliness of agronomic decision-making and enabling growers a real-time problem detection in their hydraulic systems. To make this initial success affect agriculture on a global scale requires us to partner with world leaders. Being chosen by Rivulis, one of the global leaders in the irrigation world, as their technology partner, is a significant milestone that will accelerate our ability to scale globally, helping growers embark on a much-needed digital transformation toward more sustainable and efficient practices”.

Manna’s CEO Hoav Lapidot added, “Joining hands with Phytech allows us to expand our technological capabilities and reach. Our shared vision for a smarter, better way of farming is now significantly closer to widespread adoption.”

Rivulis will integrate its cloud-based precision irrigation

Agribusiness, Company News, Drones, Trade

This strategic merger will streamline Magellanic Cloud’s operations by integrating iVIS directly into the company structure.

Hyderabad based Magellanic Cloud, a leading provider of innovative technology solutions, announced the completion of acquisition of its wholly owned subsidiary, iVIS International India Private Limited, into the Magellanic Cloud brand. This strategic merger will streamline Magellanic Cloud’s operations by integrating iVIS directly into the company structure. This move signifies a significant step forward in Magellanic Cloud’s growth trajectory and further strengthens its position in the surveillance and ITES sectors.

iVIS International plays a vital role in Magellanic Cloud’s operations, contributing nearly 25 per cent to the company’s consolidated revenue. Renowned for offering state-of-the-art intensive vigilance and AI/ML-enabled intervention systems, iVIS caters to a diverse clientele across various sectors.  With a strong presence in over 20,000 sites in India, their expertise lies predominantly within the banking sector, making them a valuable asset to Magellanic Cloud’s service portfolio. The merger will have no bearing on Magellanic Cloud investors.

Commenting on the merger, Joseph Reddy Thumma, CEO of Magellanic Cloud, stated, “This strategic merger of iVIS with Magellanic Cloud represents a significant milestone for us. By bringing iVIS directly under our umbrella, we gain the exceptional opportunity to leverage their proven expertise and extensive market reach while optimizing resource allocation. The combined entity will emerge as a stronger force, offering clients a wider range of comprehensive solutions.”

This strategic merger will streamline Magellanic Cloud's

Acquaculture, Company News, Live Stock, World

The termination is based on Yotta’s inability to comply with the provision of its Amended and Restated Certificate of Incorporation

NaturalShrimp Incorporate a Biotechnology Aquaculture Company announced that it has terminated its previously announced Merger Agreement with Yotta Acquisition Corporation and its wholly owned subsidiary, Yotta Merger Sub, Inc.

The termination is based on Yotta’s inability to comply with the provision of its Amended and Restated Certificate of Incorporation that prohibits Yotta from consummating an initial business combination unless it has net tangible assets of at least $5,000,001 upon consummation of such initial business combination, in connection with the transactions contemplated with the Merger Agreement, which makes impossible the satisfaction of certain conditions to NaturalShrimp’s obligations to consummate, and the consummation of, such transactions.

“After working on this for almost twelve months, we are naturally disappointed in this news,” stated William Delgado, Chief Financial Officer and Treasurer of NaturalShrimp. “We are currently in negotiations with another entity which will involve a Re-IPO and a new Capital raise of between $10-$12M. This opportunity has the full support of management, its advisors, and its Investment Banking team. The timing of this Re-IPO, if executed, will result in an up list on similar timing as the previous business combination agreement. That timetable for the up list remains at the end of September-beginning of October. Our team remains highly focused on commercialization and production ramp-up of farm-to-table sushi grade shrimp and fresh seafood including a planned U.S. facility expansion, and we look forward to additional announcements in the weeks to come.”

The termination is based on Yotta’s inability

Agri Genomics, Agrotech, Company News, R&D

 The new company will facilitate trait development and next-generation plant breeding

Calyxt, Inc.  a plant-based synthetic biology company, and Cibus, a leader in precision gene editing in agriculture, announced that both companies have entered into a definitive merger agreement under which Calyxt and Cibus will merge in an all-stock transaction. The merger will create a new industry-leading company that combines the two pioneers in agriculture-based gene editing and establishes one of the world’s most sophisticated facilities for trait development and next-generation plant breeding.

The combined company will be a leader in two key applications for gene editing in agriculture:

Productivity Traits:

 Productivity traits are a key basis of competition in the “seed and trait” business. The key focus of Cibus’ patented gene editing platform, the Rapid Trait Development System™ (RTDS®), is the development of a new class of productivity traits in seeds addressing the sustainability of farming by increasing crop yields and reducing inputs such as fungicides, herbicides, pesticides, and fertilizers.

Renewable Low-Carbon Ingredients:

Gene editing is a key tool in the development of sustainable low-carbon ingredients that can replace fossil fuel-based ingredients and diesel fuel. This is a key pillar of the Net Carbon Zero Climate 2040 goals and the global movement to reduce greenhouse gas emissions.

Cibus has a broad pipeline of productivity traits and collaborations with several leading seed companies. It is currently launching three important productivity traits: one in canola and two in rice with transfers to customers for commercialization beginning in the first half of 2023. In addition, Cibus and Calyxt are both working with leading consumer product companies to develop more sustainable ingredients.

Under the terms of the merger agreement, Calyxt will issue shares of its common stock to Cibus shareholders in an exchange ratio such that upon completion of the merger, Calyxt shareholders will own approximately 5 per cent of the combined company, subject to adjustments permitted by the merger agreement. The Boards of Directors of both companies have unanimously approved the transaction. Concurrent with the execution of the merger agreement, certain officers of Calyxt, all of Calyxt’s directors, and Cellectis, S.A., Calyxt’s largest shareholder, executed support agreements in favor of the merger. These support agreements provide 49.9 per cent approval from Calyxt shareholders. A majority of Cibus’ shareholders have also provided support agreements in favor of the transaction. The merger is expected to close in the second quarter of 2023, subject to customary closing conditions, including approval of the merger by the shareholders of Calyxt.

 The new company will facilitate trait development

Agrotech, Company News

Marrone Bio will continue to operate its existing lines of business and products under the name ProFarm as a wholly owned subsidiary of Bioceres.

Bioceres Crop Solutions Corp., a fully integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, announced today the successful completion of its previously announced integration of Marrone Bio Innovations, Inc.

“MBI brings 15 years of experience in the development of biological solutions, and we are excited to add MBI´s unique product lineup and pipeline to Bioceres, a perfect fit to our own portfolio.”

The merger was approved by MBI stockholders at a Special Meeting held on July 8, 2022. The holders of 127,130,867 shares were present at the 2022 Special Meeting either virtually or by proxy, constituting a quorum of 69.7 per cent. The adoption of the Merger transaction, each share of MBI common stock was exchanged at closing for ordinary shares of Bioceres at a fixed exchange ratio of 0.088, representing a value of approximately $207 million, based on the Bioceres and MBI share prices at market close on July 11, 2022, and the number of current outstanding MBI shares. Newly issued Bioceres shares will commence trading on the Nasdaq Global Select Market under the symbol “BIOX”.

MBI will continue to operate its existing lines of business and products under the name ProFarm as a wholly owned subsidiary of Bioceres. North Carolina Headquarters will be discontinued, and corporate and business support functions will be assumed by Bioceres. “The resulting structure will lever expertise from ProFarm key employees, achieving a more diverse, global and cost-efficient organization, with operations in the U.S., Europe and Latin America,” said Chief Financial Officer, Enrique Lopez Lecube.

Marrone Bio will continue to operate its

Company News, Singapore, Water

The merged company will be called Rivulis (In alliance with Jain International), and will be led by current Rivulis CEO Richard Klapholz, with dual headquarters in Singapore and Israel

Rivulis Pte. Ltd. and Jain Irrigation Systems Limited had announced that they have entered into definitive transaction agreements pursuant to which Rivulis will acquire multiple overseas subsidiaries which consist of the International Irrigation Business (“IIB”) of Jain Irrigation. The transaction consideration is a combination of cash and stock. Jain Irrigation will receive stock comprising 22 per cent interest in Rivulis, the holding company of the enlarged group (the “Company”), and cash for the financing of debt issuances of the IIB and of bonds issued by Jain International Trading B.V. (the “Transaction”), to create a climate and irrigation leader globally. Temasek, a global investment company headquartered in Singapore, will become the majority shareholder of the Company with a 78 per cent stake. The transaction is subject to required regulatory approvals and other customary closing conditions.

The Company will lead the mass adoption of modern irrigation solutions and digital farming by growers and business partners globally through its focus on accessibility, innovation, and sustainability.

The Company will be dual headquartered in Singapore and Israel and will continue to be named Rivulis Pte. Ltd. For the purposes of corporate branding, the company will be represented as “Rivulis (In alliance with Jain International)”. Richard Klapholz, the current Rivulis CEO, will continue to lead the Company. Top senior associates from the IIB are expected to continue in leadership roles across the Company. Jain Irrigation will also be a supplier of irrigation products made in India to the Company for its international markets outside of India.

Anil Jain, Managing Director of Jain Irrigation, commented, “ We anticipate that the merger with Rivulis will create a world leading player ideally placed to serve its global customer base thanks to its geographic footprint, breadth of offering as well as from technological depth and expertise in micro irrigation. This will enable us all to address climate change and food security challenges with sustainable solutions and implement the critical knowledge transfer for water efficiency and productivity for growers.  The combined entity will have a truly global presence in all relevant irrigation markets, enabling strategic growth and innovation that will further Jain Irrigation’s broad vision of reaching more small and large growers by creating shared value.”

Richard Klapholz, Rivulis CEO, added: “We are thrilled to have both companies join forces to better serve the growing needs of irrigation markets around the world. While benefitting from significant operational economies of scale and a dedicated, diverse employee base, we will ensure that all commitments to our grower community and to our combined business partners are maintained and further strengthened. Our goal is to ensure that all our customers will continue to be successful and benefit from a broader offering, leading industry brands, expanded manufacturing base and the support of leading irrigation services businesses. Rivulis, before the merger, represented the combination of four companies, and through this merger, several more companies from Jain Irrigation’s portfolio will be added, cementing our role as a market consolidator and leader across the globe and creating a single company with a much stronger financial foundation.”

The merged company will be called Rivulis