ChemChina, Blackstone makes $3 billion joint bid for Australia''s Nufarm

05 November 2007

Mumbai: China National Chemical Corp (ChemChina) jointly with private equity firm Blackstone Group is making an over $3.4 billion offer to acquire Australian agrochemicals producer Nufarm Ltd.

In a statement to the Australian Securities Exchange, Nufarm said it is considering a nearly $3.4 billion acquisition offer, which would open a door to private-equity players.

Nufarm is the world''s No 2 generic farm chemicals company behind Israel''s Makhteshim Agan Industries.

The Sidney stock exchange halted trading of Nufarm shares, as the company said it expects to make an announcement before the market opens Monday.

Nufarm, a maker of chemicals that protect crops against disease, pests and weeds, rejected an earlier bid by China National BlueStar (Group) Corp for $15.93 (Australian dollar 17.10) a share, Hong Kong newspaper South China Morning Post reported on Wednesday. That offer would have valued the company around $2.7 billion.

Blackstone Group LP recently took a 20 per cent stake in BlueStar.