Bright Food eyes sweet deal with CSR
By Joyce Pan |
February 6, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S Bright Food Group plans to resume negotiations with Australia's CSR to take over its sugar unit after CSR's demerger plan failed, Shanghai Daily learned yesterday.
Bright Food's A$1.5 billion (US$1.4 billion) offer for the sugar unit was rejected by the Australian company last week as CSR believed a demerger was in the best interests of shareholders. But the planned spin-off of the sugar business was turned down by an Australian court on Wednesday.
"We will fly to Australia to discuss a possible takeover with CSR during the Spring Festival (which falls on February 14)," said Ge Junjie, vice president of Bright Food.
Ge declined to reveal more details due to the sensitivity of the matter at present.
CSR is the biggest sugar supplier in Australia, and the acquisition is to consolidate Bright Food's position in China's sugar industry. Bright Food has a 10 percent market share in China.
Bright Food said the bid for CSR's unit was the first step in its plans to step up efforts to seek mergers and acquisitions in the following three years.
"The company will actively press ahead with the strategy to go abroad and optimize our resources structure," said Wang Zongnan, chairman of Bright Food.
Officials from Bright Food said another overseas acquisition is scheduled to be unveiled next week.
Meanwhile, some foreign sugar producers have expressed interest in partnerships with Bright Food, officials said.
"Bright Food aims to double its sales in the next three to four years through both organic growth and acquiring new businesses," Wang said.
Bright Food's A$1.5 billion (US$1.4 billion) offer for the sugar unit was rejected by the Australian company last week as CSR believed a demerger was in the best interests of shareholders. But the planned spin-off of the sugar business was turned down by an Australian court on Wednesday.
"We will fly to Australia to discuss a possible takeover with CSR during the Spring Festival (which falls on February 14)," said Ge Junjie, vice president of Bright Food.
Ge declined to reveal more details due to the sensitivity of the matter at present.
CSR is the biggest sugar supplier in Australia, and the acquisition is to consolidate Bright Food's position in China's sugar industry. Bright Food has a 10 percent market share in China.
Bright Food said the bid for CSR's unit was the first step in its plans to step up efforts to seek mergers and acquisitions in the following three years.
"The company will actively press ahead with the strategy to go abroad and optimize our resources structure," said Wang Zongnan, chairman of Bright Food.
Officials from Bright Food said another overseas acquisition is scheduled to be unveiled next week.
Meanwhile, some foreign sugar producers have expressed interest in partnerships with Bright Food, officials said.
"Bright Food aims to double its sales in the next three to four years through both organic growth and acquiring new businesses," Wang said.
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