Nufarm (ASX:NUF) advises that the General-Superintendent of the Administrative Council of Economic Defence (CADE) in Brazil has provided clearance for the sale of Nufarm Brazil to Sumitomo.
There is a mandatory 15 day waiting period in which members of CADE’s Administrative Tribunal can request the case for a second review.
The sale is expected to occur on 1 April 2020.
The gross purchase price of $1.188 billion will be adjusted to reflect working capital and net debt balances as at 31 March 2020 and the net proceeds received by Nufarm will be used to pay down existing debt facilities.
Shares in Nufarm (ASX:NUF) are trading are trading 1.59 per cent lower at $4.94.