KUALA LUMPUR: PPB GROUP BHD [] would see trading interest on Monday, July 5 after Singapore-listed Wilmar International Ltd, in which it owns 18% stake, is acquiring an Australian sugar business for A$1.75 billion (US$1.47 billion.
PPB derives more than 70% of its earnings from Wilmar, the world's largest palm oil trade. Incidentally, PPB had recently disposed of its sugar business.
Reuters reported on Monday Australian conglomerate CSR Ltd has struck a deal to sell its sugar business to Wilmar for A$1.75 billion ($1.47 billion), trumping a bid from China's Bright Food Group.
CSR had been negotiating with Bright Food for about two months, and Australian newspapers reported earlier on Monday Bright Food Group had lodged a final bid for the sugar business, known as Sucrogen, of between A$1.65 billion and A$1.7 billion.
Wilmar, the world's largest listed palm oil producer, said buying Sucrogen was part of its plan to expand its sugar business.
PPB derives more than 70% of its earnings from Wilmar, the world's largest palm oil trade. Incidentally, PPB had recently disposed of its sugar business.
Reuters reported on Monday Australian conglomerate CSR Ltd has struck a deal to sell its sugar business to Wilmar for A$1.75 billion ($1.47 billion), trumping a bid from China's Bright Food Group.
CSR had been negotiating with Bright Food for about two months, and Australian newspapers reported earlier on Monday Bright Food Group had lodged a final bid for the sugar business, known as Sucrogen, of between A$1.65 billion and A$1.7 billion.
Wilmar, the world's largest listed palm oil producer, said buying Sucrogen was part of its plan to expand its sugar business.
No comments:
Post a Comment