Good evening,

Dealmaking’s election day hangover continued on Monday. But Nufarm delivered some end-of-the day excitement, when its 20 per cent shareholder Sumitomo Chemical Company decided to start selling its entire stake in the company via Citi.

That ends Sumitomo’s 12-year stay on Nufarm’s register. It arrived in 2010, just before Christmas and put an end to Nufarm’s talks with another suitor, Sinochem. On the way, it bought Nufarm’s South American business and struck a strategic partnership or two.

We’ll leave it to analysts and fund managers to figure out what Sumitomo got out of it. But buying at $14 a share and selling in the mid-fives doesn’t look like it was a lot of equity value.

Elsewhere, IPO hopeful Xpansiv’s entertaining a US private equity suitor as it puts its listing plans on the backburner; and Suncorp’s thinking about smash repairer AMA Group, which is chaired by one of the bank’s former insurance bosses.

Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors