AFTER sealing the deal to recapitalise Nufarm over Christmas, chief executive Doug Rathbone faces an equally busy time this week nutting out the details of a new alliance with Japan's Sumitomo Chemical.
It was about 9pm on Christmas evening when Rathbone finalised the deal, including plans to raise $250 million of new equity capital, The Australian Financial Review reports.
The CEO and major shareholder of the chemicals and pesticide maker had been locked in negotiations for more than six months with Chinese suitor Sinochem.
But on Christmas night, as his family entertained 26 guests in their home in the Melbourne suburb of Essendon, it was Sumitomo Chemical that gave Rathbone the present he was hoping for.
Sumitomo, which made an initial approach to Nufarm back in August, had been waiting patiently as the company completed exclusive negotiations with Sinochem.
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