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Sumitomo Board Approves Investment in Nufarm

10:15 PM MST | January 25, 2010 | Deepti Ramesh

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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