Blackstone, China firm in four-billion-dollar bid for Nufarm: report

0 Comments | AFP, November, 2007

BEIJING (AFP) — US private equity giant Blackstone has joined forces with China National BlueStar to bid nearly four billion dollars for Australian agro-chemical firm Nufarm, the Financial Times reported Friday.

Blackstone and the Chinese chemical maker, in which it holds a 20-percent stake, last month expressed an interest in buying Nufarm for about 2.7 billion dollars but were rebuffed, the newspaper said.

"BlueStar and Blackstone (still) want to do a deal if they can," the paper cited a source close to the negotiations saying, adding the new deal values Nufarm at nearly four billion dollars.

However Israel's Makhteshim Agan is believed to be preparing a counter-bid, analysts said.

The latest offer underlines Blackstone's strengthening ties with...