Sinochem offers to buy Australia's Nufarm for $2.4b

China’s largest chemicals trader, Sinochem, has offered to buy Australia’s Nufarm for US$2.4 billion to get a foothold into a global distribution network for pesticides and herbicides, Bloomberg reported. Nufarm, Australia’s largest supplier of farm chemicals, said Sinochem signed an initial agreement to pay A$13 (US$11.18) per share, 17% more than the stock’s last closing price. The company said there is "no certainty" that a final deal will be agreed upon. This is China’s second proposal to buy Nufarm. China National Chemical Corp, backed by US private equity firm Blackstone Group, ended talks to buy Nufarm for US$2.6 billion in December 2007 without giving a reason.