UPDATE 1-Nufarm says China's Sinochem makes bid approach

* Nufarm shares surge 12 pct on Sinochem bid approach

* Nufarm says risk of 10-15 pct fall in '09 earnings guidance (Adds detail, share reaction)

MELBOURNE, July 24 - Australian farm chemicals group Nufarm Ltd <NUF.AX> has been approached by China's Sinochem about a possible takeover, it said on Friday, sending its shares as much as 12 percent higher.

It is the second time Nufarm has received an approach from a Chinese firm in the past two years but the Australian group, with a market capitalisation of around A$2.3 billion ($1.9 billion), said there was no certainty any deal would be put to shareholders.

"The Nufarm board will consider any offer or proposal it receives having regard to all the alternatives available to the company," Nufarm said in a statement, made in response to a stock exchange price query following a 10.3 percent rise in its shares on Thursday.

Nufarm shares had jumped a further 11.3 percent to A$10.96 by 0104 GMT, and traded as high as A$11.05.

The group also said there was a risk its net operating profit in the 2009 financial year may be more than 10-15 percent below its previous guidance, which was around A$187 million, but it was too early to determine if this would be the case.

In 2007, China National Chemical Corp (ChemChina), China's leading chemical producer, led a A$3 billion approach with U.S. private equity firms Blackstone Group <BX.N> and Fox Paine Management but they failed to come up with a formal offer. ($1=1.229 Australian Dollar)