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Nufarm's $58.9m win against Monsanto
May. 13, 2011
A long-running dispute between Doug Rathbone's crop protection outfit Nufarm and the world's biggest seed company Monsanto could finally be drawing to a close.
At stake is about $58.9 million, which is what Nufarm reckons it is owed by Monsanto, although it never names the US outfit – it always refers to the matter as a dispute with a "major supplier", according to The Australian Financial Review .
Nufarm is so confident it can extract the sum from Monsanto that the disputed amount has been recorded as a receivable. If it goes the other way its accounts will need some work.
Sources suggest the dispute will head into arbitration on May 24 in a matter that could keep the legal eagles tied up for three weeks.
The dispute centres on sales of glyphosate, a key ingredient in Nufarm's weedkillers. Under a deal struck between the pair back in 2002 costs and proceeds associated with Nufarm's sales were to be shared.
Glyphosate prices tanked in 2009, leaving Nufarm with high-cost product it had to sell for much less. Nufarm reckons those loses should be shared.
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