Looks like the worst deal of the Century. Very little...

Looks like the worst deal of the Century. Very little market-share impact. Expensive, loaded with debt that NUF was previously reducing. Top 10 core products predominately sourced from China and India today. All generic. Expect future margins to be squeezed as China goes direct to market. NUF underlying EBITDA margin currently 9.5%; Europe portfolio 18%; Century portfolio 38% - are they kidding themselves? Hope they are not relying on ADAMA figures.

Only saving grace is that NUF will be a bed partner with Chemchina / Sinochem for a few years. Word from China is that Government environmental regulations have stopped production across the chemical industries (from raw materials to intermediates to end products). Companies are scrambling for supply out of China as the main season (in China and southern hemisphere approaches). Prices are moving up on increasing demand and restricted supply.