Adds particulars about divestment, outlook
Adds particulars about divestment, outlook
March 6 (Reuters) – Australia’s Nufarm Ltd NUF.AX mentioned on Friday a Brazilian competitors regulator has cleared the sale of its South American crop safety and seed therapy belongings because it appears to be like to pay down debt amid a extreme home drought.
In September final yr, Nufarm mentioned it will promote Nufarm Brazil to its greatest shareholder, Japan’s Sumitomo Chemical Co Ltd 4005.T, for about $805 million.
Nufarm mentioned it expects to report curiosity prices for persevering with and discontinued companies of about A$90 million to A$100 million ($59.52 million to $66.13 million) for fiscal 2020, assuming that the completion of the sale happens by April 1.
A extreme drought in Australia has threatened grain manufacturing throughout the nation’s east coast and Nufarm has additionally taken a success from flooding in elements of the US, the place it operates a number of crops.
The sale of belongings will permit Nufarm to give attention to…