NUF`s ann: Nufarm to exit IAMA shareholding
Document date:
Fri 16 Feb 2001
Published:
Fri 16 Feb 2001 13:27:51
Document No:
173320
Document part:
A
Market Flag:
N
Classification:
NUFARM LIMITED 2001-02-16 ASX-SIGNAL-G HOMEX - Melbourne +++++++++++++++++++++++++ Nufarm Limited will exit its 19.91% shareholding in IAMA following last week's vote by IAMA shareholders to approve a merger proposal with Wesfarmers Dalgety. The merger includes an exit option for existing IAMA shareholders valued at $1.65 per share. Nufarm's managing director, Doug Rathbone, said the exit option represents a premium on the average cost of Nufarm's investment in IAMA and that the capital realised from the sale of IAMA shares can be more effectively re-deployed in other areas. Mr Rathbone said he welcomes the vote by IAMA shareholders to overwhelmingly support the merger proposal with Wesfarmers Dalgety. "Nufarm's investment in IAMA was aimed at supporting the restructuring of the business and the rationalisation of the rural distribution sector in general. "As a key component of Nufarm's access to market in Australia, we have a direct interest in distribution operating as efficiently as possible and adding appropriate value in the supply chain. The merger with Wesfarmers Dalgety should deliver efficiencies which translate into a more professional service for the end users of Nufarm products." Mr Rathbone said Nufarm will continue to work closely with all major rural distributors. Nufarm is a publicly listed Australian based company with core capabilities in chemical synthesis and manufacturing. It has major businesses in the crop protection and the industrial, fine and performance chemical sectors and operates production facilities throughout Australia and New Zealand, Asia, Europe and North America. Further information: Robert Reis Corporate Affairs (61 3) 9282 1177