Nufarm rejects China's Sinochem takeover proposal

Nufarm Ltd, an agricultural chemicals supplier in Australia, has rejected a takeover offer by China's Sinochem Corporation.

According to Sinochem's statement, Nufarm does not accept Sinochem's revised proposal of A$12 (US$10.78) per share.

Sinochem has been in talks with Nufarm since June 2009. The Chinese company last week reduced its offer for Nufarm from the initial A$13 (US$11.68) to A$12 (US$10.78).