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Sumitomo board approves Nufarm bid

Sumitomo Chemical’s board of directors has approved the acquisition of a 20% stake in Nufarm under the terms agreed in December. Sumitomo proposed to acquire the holding through a tender offer of Aus$14 (US$12.67 at the current rate) per share ( Agrow No 583, p 2). An extraordinary general meeting of Nufarm shareholders has been scheduled for March 2nd to consider the offer.

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