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Sinochem Lowers Offer for Nufarm Acquisition

11:40 PM MST | December 22, 2009 | Deepti Ramesh

Agchem firm Nufarm (Melbourne) says it has received a revised offer price from Sinochem (Beijing) for the previously announced acquisition by Sinochem of Nufarm. Sinochem will not proceed with its previous offer of A$13/share and has proposed a price of A$12/share, Nufarm says. Nufarm and Sinochem signed a heads of agreement earlier this year 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 two companies earlier this month...

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