I have Makhteshim and there was talk about its buying Nufarm. But it seems that it missed it. Sinochem Corp., China’s largest chemicals trader, offered to buy Australia’s Nufarm Ltd. for $2.4 billion to gain a global distribution network for pesticides and herbicides.
Sinochem signed an initial accord to pay A$13 a share for Nufarm, Australia’s largest supplier of farm chemicals, the Melbourne-based company said today in a statement. That’s 17 percent more than the last closing price. There’s “no certainty” that a final deal will be reached, Nufarm said.
Nufarm, which has a market value of A$2.6 billion, rose 7.4 percent to A$11.96 on the Australian stock exchange at the 4:10 p.m. close in Sydney time. It closed at A$11.14 on Sept. 25. The stock has gained 14 percent this year. Makhteshim is sure to gain too. The Chinese are out to conquer world markets.
Sinochem signed an initial accord to pay A$13 a share for Nufarm, Australia’s largest supplier of farm chemicals, the Melbourne-based company said today in a statement. That’s 17 percent more than the last closing price. There’s “no certainty” that a final deal will be reached, Nufarm said.
Nufarm, which has a market value of A$2.6 billion, rose 7.4 percent to A$11.96 on the Australian stock exchange at the 4:10 p.m. close in Sydney time. It closed at A$11.14 on Sept. 25. The stock has gained 14 percent this year. Makhteshim is sure to gain too. The Chinese are out to conquer world markets.
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