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Business
Nufarm Drops Sinochem, Links With Sumitomo
by Michael McCoy
January 4, 2010
| A version of this story appeared in
Volume 88, Issue 1
The Australian agrochemical firm Nufarm has ended talks to be acquired by China’s Sinochem and instead is planning to cooperate with Japan’s Sumitomo Chemical. This past September, Sinochem offered to acquire Nufarm for $13.00 Australian per share, or about $2.5 billion. In December, to Nufarm’s chagrin, the Chinese firm dropped the offer to $12.00 Australian. Under the alternative plan, Sumitomo will acquire a 20% stake in Nufarm for $14.00 Australian per share. The companies will cooperate in R&D, distribution, and other areas.
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