Sinochem probably would have preferred to keep secret its interest in Nufarm, the Australian agricultural chemicals group, until it was further advanced. But that hope was dashed last week when the Australia Securities Exchange issued Nufarm with a “speeding ticket” and asked it to explain a surge in its shares.
The Chinese group issued a statement cautioning that the bid talks were at an early stage and that it was considering other opportunities at the same time.
The public glare and heightened scrutiny could yet flush out a rival, robbing Sinochem of a tactical advantage even before it steps up its due diligence efforts.
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