Sinochem submits new offer for Nufarm

Sinochem Corp, China's largest chemical trader, lowered its offer by 7.7 percent to A$2.6 billion ($2.3 billion) for Nufarm Ltd, whose full-year profit declined to a five-year low.

The State-owned company proposes to pay A$12 a share for Australia's largest farm-chemical supplier, Melbourne-based Nufarm said yesterday. It's seeking more information on the new offer from Sinochem, which bid A$13 in September.

The proposal is China's second attempt in as many years to buy the Australian company for its global distribution network for pesticides and herbicides. Shares of Nufarm, which reported a 42 percent profit drop in September after cutting its forecast three times during the year, were traded below the revised offer, a signal that investors don't expect a rival bid.