FIRB puts CSR sale on hold
The Foreign Investment Review Board has delayed its decision on whether the proposed acquisition of CSR’s sugar unit, Sucrogen, by China’s Bright Food Group will be allowed to proceed.
Bright Food Group issued a conditional bid of A$1.75bn (US$1.45bn) for the business, but CSR has since successfully appealed against the blocking of its preferred option – a demerger.
The FIRB said that it will block any deal for 90 days from 19 May in order to further consider the offer.
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