CSR rejects Bright Food's plan
By Pan Xiaoyi |
January 28, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S Bright Food Group Co's A$1.5 billion (US$1.4 billion) offer for the sugar unit of Australia's CSR was rejected yesterday but the rejection does not preclude the Chinese firm from approaching the unit on future talks.
CSR rejected Bright Food's proposal to buy the sugar unit as the Shanghai company failed to provide a high degree of certainty on the value, timing and likelihood of completing the deal before the Australian firm's shareholders come to a decision over splitting its businesses, according to a statement CSR posted on its Website yesterday.
CSR will still proceed with its proposal to split itself into two units, including the Sucrogen sugar unit, the statement said.
CSR assured that the "implementation of the demerger will not preclude Bright Food from approaching Sucrogen in the future." CSR noted several times that Bright Food, which accounts for 10 percent of China's sugar market, failed to make any proposal capable of acceptance by CSR and that splitting off is still in the best interests of shareholders.
CSR is the biggest sugar supplier in Australia and aims to split its sugar business from the building materials manufacturing business to form the Sucrogen brand by the end of March. The company reiterated its intent after Bright Food restated its previous conditional and non-binding expression of interest.
Bright Food, the biggest food company in Shanghai, was not available for comment.
CSR rejected Bright Food's proposal to buy the sugar unit as the Shanghai company failed to provide a high degree of certainty on the value, timing and likelihood of completing the deal before the Australian firm's shareholders come to a decision over splitting its businesses, according to a statement CSR posted on its Website yesterday.
CSR will still proceed with its proposal to split itself into two units, including the Sucrogen sugar unit, the statement said.
CSR assured that the "implementation of the demerger will not preclude Bright Food from approaching Sucrogen in the future." CSR noted several times that Bright Food, which accounts for 10 percent of China's sugar market, failed to make any proposal capable of acceptance by CSR and that splitting off is still in the best interests of shareholders.
CSR is the biggest sugar supplier in Australia and aims to split its sugar business from the building materials manufacturing business to form the Sucrogen brand by the end of March. The company reiterated its intent after Bright Food restated its previous conditional and non-binding expression of interest.
Bright Food, the biggest food company in Shanghai, was not available for comment.
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