Senior executives from Bright Food, the Chinese food group, have met with cane growers supplying its takeover target, Australian sugar and renewable energy business CSR Ltd.
According to reports, Bright Food’s management have visited Australia to meet with cane growers and government officials to discuss the Chinese firm’s proposed A$1.75bn (US$1.56bn) takeover.
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Vice president Ge Junjie led the delegation and, in a statement, said today (7 May): “We have taken the opportunity to put our case to them and assure them of the benefits that will flow if we are successful in acquiring Sucrogen.”
Bright Food is conducting due diligence on Sucrogen but, according to Dow Jones Newswires, the company repeated its commitment to continue arrangements with Queensland Sugar Ltd. for five years and increase the area currently under cane.
