A Chinese-led consortium featuring US-listed private equity group Blackstone has withdrawn from the bidding for Australian crop chemical company Nufarm as a result of time constraints, despite winning exclusive access to the company's books.
The consortium, led by China National Chemical Corporation and also including US buyout group Fox Paine Management, abandoned plans for a A$3bn (€1.8bn) bid citing a tight deadline that expired today. No break fee was owed to either party.