Sumitomo has 5.52% of Nufarm shares under offer
Nufarm Limited (NUF) said the tender offer by Sumitomo Chemical Company Limited to acquire up to 20% of the total issued shares in Nufarm received acceptance offers of 5.52% of all Nufarm shares. The company said due to the terms of the offer Sumitomo would not acquire more than 20% of the issued shares in Nufarm.
Nufarm added that pursuant to relief granted to Sumitomo by the Australian Securities and Investments Commission on 2 March 2010, Sumitomo’s relevant interest in Nufarm, as a result of acceptances received, would not exceed 20%.
“Under the terms of the Shareholder Deed between Nufarm and Sumitomo, dated 22 January 2010, Nufarm will have the power to control the exercise of voting and disposal of Sumitomo’s Nufarm shares, under certain conditions,” the company said.
“On this basis, Nufarm has a relevant interest in the shares in which Sumitomo has a relevant interest.”
As at 1035 AEDT, Nufarm shares were up 1c to $8.81.
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