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Nufarm Ends Talks with Sinochem; Sumitomo to Acquire 20% Stake in Nufarm

10:39 PM MST | December 29, 2009 | Deepti Ramesh

Agchem firm Nufarm (Melbourne) says it has terminated discussions with Sinochem (Beijing) for the previously announced proposed acquisition of Nufarm by Sinochem. Nufarm and Sinochem signed a heads of agreement in September 2009 for a nonbinding proposal, under which Sinochem would acquire all of the issued ordinary shares in Nufarm for A$13/share, and the proposal valued Nufarm at A$2.8 billion ($2.5 billion). The termination of discussions between the two companies follows Sinochem lowering its offer for Nufarm last week, to A$12/share. Sinochem says that after...

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