Chinese state-owned enterprise Sinochem yesterday tabled a A$2.8 billion $2.4 billion bid to buy 100% of the equity of Australian farm chemicals company Nufarm. Including debt on Nufarm's books, Sinochem's bid ascribes an enterprise value of A$3.7 billion to Nufarm.
Nufarm describes itself as one of the world's leading crop protection companies and says it makes products that help farmers protect their crops against damage caused by weeds, pests and disease. The company had earlier informed shareholders that Sinochem approached it on June 29 about a takeover. At the time, the two parties entered a confidentiality agreement.
Yesterday, Nufarm and Sinochem signed an exclusivity agreement for a period until December 3. Within this...
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