Extract from today's NZ Herald.
Stock Takes: Sticky situation for CSR
By Tamsyn Parker 5:30 AM Friday Dec 10, 2010
Australian conglomerate CSR is said to be annoyed by the delay in getting the sign-off for the sale of its sugar business to Singapore firm Wilmar International.
The A$1.75 billion ($2.3 billion) deal which includes the New Zealand Sugar Company - owner of the Chelsea brand and Birkenhead refinery - was done in July but is still waiting approval from New Zealand's Overseas Investment Office.
CSR chief executive Jeremy Sutcliffe told the Australian the delay in the deal, which has been signed off by Australia's foreign investment regulator, was costing the company as much as A$300,000 a day in foregone interest on the purchase price.
"It shows a remarkable lack of commercial reality on their part," Sutcliffe said.
But the OIO remains adamant the process is taking no longer than it normally would.
An OIO spokesman said it typically aimed to make a decision within 50 working days but it "really depends on the complexity of the proposal".
The OIO has no statutory timeframe, unlike Australia's Foreign Investment Review Board which had a time limit of 30 days with a provision for a maximum 90-day extension. The FIRB gave approval for it last month.
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