Adjourned hearing not expected to slow timing of CSR demerger
As speculation of other bidders entering the fray mounts, CSR is pushing on with demerger plans in the wake of a $1.5 billion informal offer from Bright Food this week.
CSR last night advised that discussions with ASIC were continuing in relation to the disclosure of asbestos liabilities in the scheme booklet for the proposed demerger
of its sugar and renewable energy business.
CSR said they had reached agreement with ASIC to a short extension of time to complete these discussions, with the first court hearing in the Federal Court – which was scheduled for 15 January – now expected to take place next week.
“CSR continues to progress its demerger proposal and is targeting implementation of the demerger on schedule by the end of March 2010,” Australia’s largest sugar producer said in a statement.
Meanwhile, the world’s major sugar players are rumoured to be considering entering the fray in response to Bright’s unsolicited and non-binding proposal. Cosan, Bunge and Cargill were listed amongst a host of names that may have an interest, with Archer Daniels Midland, Suedzucker AG, and Tate and Lyle other possible candidates to create a bidding war, according to RBS.