Friday, November 2, 2007

Blackstone, ChemChina Bid For Australia's Nufarm

From the Wall Street Journal Online:

The unsolicited bid for Australia's Nufarm Ltd. being pursued by Blackstone Group LP and a Chinese state-owned chemical company will tighten the U.S. private-equity firm's ties to China.

China National Chemical Corp., known as ChemChina, and Blackstone are in the preliminary stages of putting together a higher offer for the Australian agrichemical company, one that could approach US$4 billion, people close to the process say.

Nufarm, which makes products for protecting crops against pests, weeds and disease, rejected an earlier offer the bidders made in a letter dated Oct. 31, which would have valued the company at around US$2.7 billion, or 17.10 Australian dollars (US$15.63) a share, the people say....MORE