Sugar and building products maker CSR Ltd
(ASX:CSR) says it has not received any approach from a consortium in Japan to acquire it’s Sugar and Renewable Energy business.
The company’s response was prompted by an article in the Australian Financial Review today that said it had received a soft approach from a Japanese consortium.
The Fin Review reported that the interest came from CSR sugar customers Mitsubishi and Mitsui, however, as yet no formal bid had been made.
According to the report a formal bid would likely be made is the companies believed that China’s Bright Food Group’s proposal would succeed over CSR’s plan to de-merge the business.
CSR, noting the media speculation, confirmed that it had not received any such soft approach from a Japanese consortium for its spin-off business Sucrogen.
CSR says it is in discussions with Bright Food Group regarding its conditional non-binding offer to acquire the Sucrogen business.
CSR posted a $326.5 million loss for the 12 months to March 30, 2009.
