CSR has won its Full Federal Court appeal against the blocking of a proposed demerger of the CSR sugar and renewable energy business, Sucrogen. The planned demerger was blocked by Justice Margaret Stone in February on the grounds that the demerger might leave CSR unable to cover the costs of its creditors, particularly asbestos claimants.  CSR appealed the decision on the grounds of errors in law. On Friday, Federal Court Chief Justice Patrick Keane and Justice Peter Jacobson released a joint judgement... ...Read more »

CSR has denied that there is interest from a Japanese consortium in its sugar business, Sucrogen, after a report in the Australian Financial Review yesterday suggested that a group including Mitsubishi and Mitsui had made a “soft approach” to the company. CSR stated that it had “not received such an approach” and that it remained in talks with Chinese group Bright Foods for sale of the Sucrogen business.  The company has been approched twice by Bright Foods, but has held... ...Read more »

Stevia experts GLG Life Tech have signed a memorandum of understanding with Sugar Australia to bring stevia-based sweeteners to Australian consumers. GLG will collaborate with Sugar Australia, which is a joint venture between CSR and Mackay Sugar Co-operative Association Ltd, marketer of the CSR brand. The companies will produce a new range of stevia sweeteners, adding to the new reduced-calorie CSR Smart, a proprietary blend of stevia extracts and sugar. Tim Hart, CEO of Sugar Australia, said, “Sugar... ...Read more »

CSR Limited announced on Thursday that it has received a $1.75 billion dollar conditional offer from Bright Food to acquire CSR’s Sugar and Renewable Energy business, Sucrogen. A previous offer by the Chinese group of $1.5 billion was turned down in January; however, CSR’s preferred option – a demerger – was blocked by the Supreme Court last month over concerns that the building business alone might not be able to cover potential asbestos liabilities. The new offer, in addition... ...Read more »

Australian building materials and sugar group CSR has said they will take time to assess the ramifications of a Federal Court decision yesterday that effectively blocked their plans for a demerger. The Federal Court ruled that shareholders should not be able to vote on plans to separate their sugar and renewable energy businesses from the rest of the group because it would make them “less likely” to be able to meet asbestos liabilities. A ruling CSR disputes. “The Board of CSR believes... ...Read more »

The Federal Court of Australia has today blocked the demerger of the building materials and sugar group CSR. CSR had been hoping the Court would approve their plans for a shareholder vote on a separation of their sugar and renewable energy divisions into a new company called Sucrogen. But those hopes were dashed this afternoon, with Justice Margaret Stone agreeing with ASIC that there is considerable uncertainty as to how they would fund the  asbestos claims against the company. ASIC was joined... ...Read more »

Fairtrade Labelling Australia & New Zealand today confirmed premium organic chocolate maker Green & Black’s will be going Fairtrade Certified across the vast majority of its block chocolate and beverages range this year. The move continues on a steady push toward Fairtrade by confectioners over the past year, with the likes of Cadbury and Nestlé committing to Fairtrade cocoa for their Dairy Milk and Kit Kat brands, respectively. And, with cocoa production tainted over the past decade... ...Read more »

CSR Limited has said they still intend to proceed with their demerger following meetings with China’s Bright Food about a possible takeover of their sugar and renewable energy business. The company, which is due to complete a demerger of their sugar and renewable energy division in the coming months, said that the talks with Bright only led to the Shanghai-based group “essentially restating its previous highly conditional, non-binding expression of interest”. “CSR believes... ...Read more »

CSR Limited has agreed with ASIC that the first court hearing relating to the proposed demerger of their Sugar and Renewable Energy business will now be held on the 29th January 2010 – the third delay to the case. “ASIC and CSR have made substantial progress in working through a considerable amount of detailed material, including independent expert reports relating to the disclosure of asbestos liabilities in the draft scheme booklet for the proposed demerger,” the ASX-listed firm... ...Read more »

Bright Food Group is looking to engage the CSR Board in discussions this week about their non-binding takeover offer. Shanghai-based Bright made public a $1.5 billion offer for the sugar business of CSR a week ago, but Australia’s largest sugar player has so far insisted that their demerger plans remain a more suitable option. “CSR remains focused on maximising shareholder value. Its preferred option continues to be to progress the demerger proposal of its Sugar and Renewable business... ...Read more »