Sumitomo Chemical to Acquire 20% Stake in Nufarm

Sumitomo Chemical Co. has agreed to buy a 20% stake in Nufarm Ltd., Australia's largest farm chemicals supplier, says Bloomberg, adding that the Japanese company will acquire the stake at A$14 a share.

 

“Sumitomo’s proposal places an appropriate value on the company and provides all Nufarm shareholders with the opportunity to realize a fair price for some of their shares,” Nufarm Chairman Kerry Hoggard says in a statement obtained by Bloomberg.

 

Nufarm previously rejected a US$2.3 billion takeover offer from China's Sinochem Corp., saying it undervalued the company, reveals Bloomberg.
 

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