re: Ann: Strategic investment from Sumitomo a... By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) -- Australian fertilizer maker Nufarm Ltd. said Tuesday that Sumitomo Chemical Co. has agreed to purchase a 20% stake in the company after the Melbourne-based company terminated takeover talks with Sinochem International Corp.
The Sumitomo tender came in at 14 Australia dollars a share, below Sinochem's downwardly revised 12-Australian-dollar-a-share offer.
Nufarm said the new Sinochem bid wasn't in the best interest of its shareholders.
Nufarm also unveiled plans to raise up to 250 million Australian dollars in new equity. The Sumitomo offer, meanwhile, could total 611 million Australian dollars, according to Bloomberg news report.
"Sumitomo's proposal places an appropriate value on the company and provides all Nufarm shareholders with the opportunity to realize a fair price for some of their shares," Nufarm Chairman Kerry Hoggard said in filing Tuesday to the Australian Stock Exchange.
Sinochem had offered 13 Australian dollars for each outstanding share of Nufarm (NUF 10.86, +0.30, +2.84%) in September, but lowered its bid last week.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.
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