China’s Bright Food Company has reportedly made a $1.5 billion bid for the sugar and renewable energy business of CSR Ltd
(ASX:CSR).
After reports from CSR yesterday that the Chinese company had merely expressed interest in the asset, headlines this morning indicate that Bright Food Company has actually brought a bid to the table.
According to a report in The Australian, Bright Food Company says it believes its proposal for a potential acquisition of CSR Sugar for cash would be a much more attractive and significantly more secure alternative to the current plan by CSR to demerge its sugar assets.
Bright Food Group is bidding for the asset through its subsidiary Shanghai Sugar, Cigarette and Wine.
CSR posted a loss of $326.5 million for the year ended March 30, 2009.
