MELBOURNE (Dow Jones)--Australian sugar and building materials group CSR Ltd. (CSR.AU) said Thursday it has received a conditional offer from China's Bright Food to buy its sugar and renewable energy business, Sucrogen, in a deal which values the operations at A$1.75 billion.
In a statement, Sydney-based CSR said it plans to enter talks with Bright Food to discuss the proposal, which comes after the Australian group rejected a A$1.5 billion offer from Bright Food for the assets in January.
The new offer is subject to a number of conditions including due diligence and regulatory approvals, CSR said, adding there is no certainty that a deal will be struck.
CSR said it continues to progress other options for the separation of its sugar arm from its building products businesses, including a demerger.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; [email protected]
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(END) Dow Jones Newswires
March 31, 2010 17:58 ET (21:58 GMT)
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