Sumitomo raises stake in Nufarm
Sumitomo Chemical has acquired a further 1.3% stake in Nufarm and indicated that it plans to raise its ownership to 23% within the next six months. The Japanese multinational purchased 4.5 million shares from Nufarm managing director Douglas Rathbone for some Aus$23.8 million (US$25.7 million), bringing its shareholding to 21.7%. Sumitomo acquired a 20% stake in Nufarm last year ( Agrow No 587, p 2). Under the terms of the deal, Sumitomo cannot raise its shareholding above 23% without the prior approval of the Nufarm board.