Chinese billionaire Haoyu Wang, chairman of Dayu Conserving Water Group, is in advanced talks to acquire control of Israeli precision irrigation company Netafim from Mexico's Orbia. Orbia, which holds an 80 percent stake in Netafim, has been seeking to reduce its debt by selling the company after previous negotiations with an Israeli private equity fund fell through. Wang, who leads one of China's largest irrigation system manufacturers, recently visited Israel as part of his due diligence. Netafim, founded in 1965 by Kibbutz Hatzerim, remains the world's largest irrigation products company, operating in 33 countries and employing 4,500 people, though it faces growing competition in the global market.