Sumitomo Board Approves Investment in Nufarm

Agchem firm Nufarm (Melbourne) says that the board of directors of Sumitomo Chemical has approved the previously announced proposed investment in Nufarm by Sumitomo. Nufarm signed a memorandum of understanding with Sumitomo last month, according to which Sumitomo proposed to acquire 20% of the issued ordinary shares of Nufarm for A$14/share via a tender offer. Nufarm had terminated discussions last month with Sinochem (Beijing) for the acquisition of Nufarm by Sinochem. Nufarm and Sinochem signed a heads of agreement in September 2009 for a nonbinding proposal...

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