Sinochem's 11th-hour gambit to cut its offer for Nufarm to A$2.6bn (US$2.3bn) has backfired after the Australian agricultural chemical group rejected the Chinese company and struck a fresh deal with Japan's Sumitomo Chemical Corp.
Sumitomo yesterday said it had agreed to buy 20 per cent of Nufarm for A$14 a share, compared with Sinochem's revised offer of A$12 a share. Sinochem had originally offered A$13 a share in September for all of the Australian group's equity but last week lowered the price by 8 per cent.
It is thought Sumitomo began talks with Nufarm this month after the Australian group's exclusivity period with Sinochem ended following months of due diligence.
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