Building products and sugar business CSR Ltd
(ASX:CSR) has received a sweetened offer from China’s Bright Food Group for the company’s spin-off sugar and renewable energy business, Sucrogen.
The Chinese company has sweetened the offer by a further $250 million, now offering a total $1.75 billion for the business.
CSR says it will hold discussions with Bright Food to explore this proposal further.
In the mean time the company says it intends to continue the demerger of its businesses despite the Federal Court ruling against it holding a shareholder meeting to consider the demerger on concerns surrounding the company’s obligations to pay asbestos compensation.
CSR says there is no certainty that any transaction will be completed with Bright Food Group as the offer remains subject to a number of conditions including completion of due diligence and regulatory approvals.
CSR posted a loss of $326.5 million for the year to March 30, 2009.
