Nufarm said on Monday that it has received an acquisition proposal from China National Chemical Corporation (ChemChina) for $2.75 billion.

The proposed group includes Blackstone Group and Fox Paine Management III will pay $17.25 each share to acquire 100 percent of Nufarm, one of the world's leading agricultural chemical companies with 2,100 product registrations, markets more than 100 countries.

ChemChina, largest state-owned diversified chemical enterprise and largest producer of pesticides in China said the combined businesses would create the global leader in off-patent crop protection.

The Consortium has proposed that the Nufarm management team continue to manage the combined operations between both companies and has indicated to retain senior management and preserving the Nufarm business culture.

The acquisition activity involving Blackstone and Fox Paine III were to provide additional access capital and focused expertise on strategic growth through acquisitions.

ChemChina has demonstrated a successful track record of the acquisition and integration of market leading international businesses into the ChemChina group, including Adisseo Group, Rhodia's global silicones and sulfuric businesses and Qenos, Australia's leading petrochemical company.