United Phosphorus, Rallis eye Japan’s Arysta, says report

United Phosphorus, Rallis eye Japan’s Arysta, says report
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First Published: Tue, Sep 11 2007. 11 40 AM IST
Updated: Tue, Sep 11 2007. 11 40 AM IST
Mumbai, 11 September Agro-chemical makers United Phosphorus Ltd and Rallis India Ltd are in the race to buy Japan’s Arysta LifeScience Corp in a deal valued at about $2 billion, a newspaper report said today.
The Indian firms were among six suitors looking to buy the privately held crop protection and life sciences firm from private equity firm Olympus Capital Holdings, the Business Standard said citing sources close to the deal.
“A decision on the sale of Arysta is expected by the end of October,” the report said quoting an unnamed banker.
Company officials were not immediatley available for comment.
Other bidders include an Israeli firm, Australia’s Nufarm, and private equity group Blackstone, the report said.
Arysta, which markets 150 products in more than 125 countries, closed 2006 with revenue of $1.04 billion.
United Phosphorus has been on an acquisition spree, picking up Argentina’s Icona, agrochemicals firm Cerexagri and global rights to two DuPont compounds this year. REUTERS
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First Published: Tue, Sep 11 2007. 11 40 AM IST