FIRB puts CSR sale on hold

Posted by Nicole Eckersley on 27th May 2010

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.

just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month.