Decision delayed
Source: Agencies |
May 27, 2010, Thursday
|
Print Edition
Print Edition
AUSTRALIA has delayed a decision on whether to allow China's Bright Food Group to proceed with a A$1.75 billion (US$1.4 billion) offer to buy the sugar division of building materials producer CSR Ltd.
The Foreign Investment Review Board filed an order on May 19 to delay the decision for 90 days while it considers the Chinese food and retail firm's offer for CSR's Sucrogen division, which includes its sugar and renewable energy business. The order was published by the government yesterday.
In January, Shanghai-based Bright Food said the acquisition would benefit Australian sugar cane growers by providing a link to the rapidly expanding Chinese sugar and food markets.
The Foreign Investment Review Board filed an order on May 19 to delay the decision for 90 days while it considers the Chinese food and retail firm's offer for CSR's Sucrogen division, which includes its sugar and renewable energy business. The order was published by the government yesterday.
In January, Shanghai-based Bright Food said the acquisition would benefit Australian sugar cane growers by providing a link to the rapidly expanding Chinese sugar and food markets.
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