Australian conglomerate CSR Ltd has entered into talks over the future of its Sucrogen sugar and renewable energy business after a revised bid from Chinese suitor Bright Food.
CSR said today (1 April) that Bright Food had tabled an offer that valued Sucrogen at A$1.75bn (US$1.61bn).
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The Australian group, which has so far rebuffed the advances of Bright Food, said the bid represented an increase of A$250m on the Chinese firm’s previous offer.
In a statement, CSR said the offer contained the customary “conditions” including the completion of due diligence and regulatory approval.
However, CSR said Bright Food’s revised bid had included more information on how the deal would secure a green light from regulators in China and Australia.
CSR added that Bright Food had also put forward “certain positive undertakings regarding future Surcogen operations in Australia”.
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By GlobalData“CSR intends to enter into discussions with Bright Food to explore this proposal further,” the company added.
In January, CSR said it was “committed” to plans to demerge the sugar business. Today, the building materials group said it would “progress other options for the operations of its two operating businesses, including via a demerger”.
