5 JULY 2010 > Marketplace stunned by Sucrogen’s $1.75 b sale to Wilmar
Collective surprise was the sentiment shared by the sugar industry and its stakeholders this morning.
CSR contacted CANEGROWERS this morning to advise that the CSR Board had accepted an offer from Wilmar, a US$28 billion company, based in Singapore, and part-owned by members of the Kuok family.
“The sale is a surprise to virtually everyone but CSR and Wilmar, said Mr Cristaudo “Including the market place and especially to Bright Food, he said.
“The sale still requires Foreign Investment Review Board (FIRB) approval and it is understood that this is not likely to be finalised for two to three months.
CANEGROWERS, who had an appointment to meet with Bright Food this Wednesday, had recently contributed a full submission regarding the Bright Food proposal to the FIRB, and has said that many of these same considerations will form part of its submission regarding a Wilmar sale.
The sale price has been listed at A$1.75 billion. CANEGROWERS says it will aim to lock in details of a meeting with the principals of Wilmar as soon as practicable.
Click here for CSR's statement regarding Wilmar
