29 Sep 2009

Chinese company to buy Nufarm

9:04 am on 29 September 2009

Sinochem has agreed in principle to buy Australian farm chemicals group Nufarm Ltd in a deal worth $NZ3.4 billion.

Nufarm has signed a non-binding agreement with Sinochem for the state-owned Chinese company to buy all of the issued ordinary shares in Nufarm, for $A13 per share.

The agreement allows Nufarm to work exclusively with Sinochem until early December to negotiate the takeover, which will be subject to due diligence and regulatory approvals.

Sinochem has more than 200 branches in China and around the globe and more than 30,000 employees.