Sumitomo Makes Bid For 20% Of Nufarm

Matt Hopkins Posted by Matt Hopkins|16 March 2010

VICTORIA, Australia — Australia-based Nufarm is still being sought after by Japanese conglomerate Sumitomo, which has made a formal shareholders’ offer to acquire up to 20% of its shares at US $12.77 each, according to New Zealand’s Share Trader.

Sumitomo was involved in the bidding last year with China’s Sinochem to purchase Nufarm, the world’s ninth largest crop protection company. Sumitomo has a crop protection business with annual sales of about $1.3 billion.

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Nufarm directors have recommended the share purchase, and the tender offer will run from March 12 to April 9.

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