Nufarm adds to portfolio
CHEMICAL supplier Nufarm has agreed to pay $ 691 million for a European portfolio of crop protection products, and has its eye on another acquisition. The purchase announced yesterday includes established brands of herbicides, fungicides, insecticides, seed treatments and plant growth regulators sold in 29 countries including Germany, Spain, France and Italy. Nufarm said the acquisition from Adama Agricultural Solutions, Syngenta Crop Protection and related companies covered more than 50 formulations and more than 260 registrations. Nufarm said it will also have access to additional registrations for new products currently being reviewed for regulatory approval. The company plans to fund the deal using $ 272 million from existing debt facilities and a $ 446 million fully underwritten equity raising. MYER has returned fire on retail magnate Solomon Lew, saying it rejected his push to appoint a number of directors to its board as it posed a conflict of interest.
Tensions between Myer and its biggest shareholder exploded yesterday after Premier Investments – the listed company controlled by Mr Lew – announced it would vote against the appointment of all directors proposed for election at Myer’s annual meeting later this month, including its incoming chairman.
Mr Lew threatened to call an extraordinary general meeting of shareholders as Premier seeks to have two of its directors and a third independent director appointed to the Myer board.
Premier owns a stable of retail brands including Just Jeans, Smiggle, Peter Alexander and Portmans.
Private companies associated with the billionaire retail veteran and his family are also key suppliers to Myer.
Outgoing Myer chairman Paul McClintock said that network of businesses posed a conflict of interest for the retailer’s board and shareholders.
“We have attempted to engage in con- structive dialogue with Premier for many months, but regrettably this has not been possible,” Mr McClintock said.
“The Myer board considered Premier’s informal proposal to appoint three nominee directors, but rejected it.’’
Premier is urging shareholders to vote against Myer chairman- elect Garry Hounsell, the re- election of director JoAnne Stephenson and election of Julie Ann Morrison.
A letter penned by Mr Lew to Myer shareholders said the department store chain was “an iconic and important Australian business” that must not be allowed to decline further.
“At its height, it ( Myer) was a well- run business that understood what its customers wanted to buy, and delivered it with great service,” Mr Lew said.
“Sadly, those times are long gone. In my view, and based on my personal experience in many Myer stores, Myer has lost its way.
“It has too much product that people simply don’t want to buy. Its stores – particularly those in suburban and regional areas- – are disorderly, and it has not invested in frontline customer service.”
Mr Lew promised a showdown Myer’s November 24 general meeting. at