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Singapore. Wilmar to buy the CSR’s sugar Unit
08.07.2010 11:54 "Agro Perspectiva" (Kyiv) —
Singapore base agribusiness group Wilmar International Ltd. has informed that it has decided to buy Australian conglomerate CSR Ltd.s sugar and renewable energy industry, Sucrogen. It has also represented the financial details of this deal.
As per Wilmar International, it will purchase the CSRs sugar Unit for $1.48 billion. Wilmars offer price includes 1.35 billion Australian dollar in shares and 403 million in net balance. Sucrogen is the biggest Australian raw sugar manufacturer and the second biggest exporter globally.
It is the biggest sugar refiner in Australia and New Zealand through its combined venture with Mackay sugar Ltd.
However, a Chinese corporation, Bright Food Group Co. Ltd. was also interested to purchase the same. It had produced a conditional offer of 1.75 billion Australia dollars in its final bid in the month of April. Its previous offer was of $1.5 billion.
But finally it is Wilmar International which has succeeded in this deal. As per internal sources, the Chinese company has cut its cost to between 1.65 and 1.7 billion in exchange and has dropped some of its conditions.
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