Nufarm announced on Wednesday that it had acquired British phenoxy herbicides supplier AH Marks Holdings and had agreed to acquire Etigra LLC in the US, which supplies crop protection products to the turf and specialty markets. The company said the acquisitions, at a price of $236 million including debt, would boost annual earnings and help Nufarm meet unprecedented demand for agricultural chemicals.

Nufarm shares fell 4.4%.

SPO pulls plug on backing of Consolidated Media''s takeover

Consolidated Media Holding today announced SPO Partners & Co. withdrew its buyout offer by James Packer and Lachlan Murdoch on difficult financial conditions.

As part of the deal, Packer was set to increase his current 38% stake in Consolidated to 50% while Illyria would own the other 50%. Consolidated Media requested a trading halt today pending an announcement on the takeover proposal.

Allco loses outstanding shares

Struggling Australian asset manager, Allco Financial Group has lost 14% of its outstanding shares after it failed to reach a deal with its margin lenders. National Australia Bank Ltd and HBOS Plc seized the shares as collateral for unpaid loans.

In a letter to the finance group from Allco Principals Investment PTY Limited, API indicated that it has failed to reach an agreement on the terms of an ongoing standstill arrangement with its remaining margin lenders, the Bank of Scotland International Limited and National Australian Bank.

API also pointed out that the standstill arrangement that was previously in force had ceased. As a result API said NAB had appointed agents to take possession of 23.7 million AFG shares owned by API.

In addition NAB appointed agents to take possession of a additional 10.8 million AFG shares pledged to the lenders by entities associated with Allco executives and 2.4 million shares in Allco HIT pledged to it by an entity connected to certain Allco executives and another 1.6 million share in HIT pledged to it by Allco Principals Property Pty Limited.

API also advised that the Bank of Scotland had indicated that it would appoint a receiver to all the assets and undertaking of API (including 600,000 shares in Allco HIT) and to 18.3 million shares in AFG and 2.4 million shares in Allco HIT pledged to it by entities associated with certain Allco executives.

In its statement to the exchange NAB said it had been compelled to exercise its right under its security in light of the deterioration in the value of the Allco Finance Group Securities and its refusal to provide additional security as stated in the agreement.

NAB, which provided a margin loan of approximately $110 million to API that was secured by shares in AFG, said it would pursue all avenues of recovery against API and related parties to mitigate its loss.

National Australia Bank Ltd had on Thursday warned that it would book a provision on its $110 million loan to Allco Principals Investments, reversing from its reassurance in January that it did not expect any material loss on the loan.

Meanwhile AFG has requested a trading halt in its stock. Allco, which is struggling to pay off its debt, suffered a 90% slump in its stock early this year as a result of margin calls and concerns about the company''s debt.

Allco Chairman David Cole together with Gordon Fell and David Turnbull were forced to resign from their position on the board on March 3 after calls from investors for a more independent board.

Allco is selling some businesses as part of negotiations with banks on $250 million of loans due May 1 and another $900 million of debt.

Incitec forecast growth in earnings

Australia''s largest fertilizer maker, Incitec Pivot Limited said today that it anticipated 2008 earnings before interest and tax would be in the range of $700 million to $730 million, an increase of up to 135% on 2007.

The company said the improved outlook was largely attributable to an increase in earnings from manufacturing flowing from higher international di-ammonium phosphate (DAP) prices, partly offset by adverse currency movements, higher sulphur costs and lower production volumes at its plant at Phosphate Hill in North West Queensland.