sugar, page-3

Bright set to sweeten bid for CSR's sugar
March 4, 2010 - 12:34PM
China's Bright Food Group will sweeten its offer to buy CSRs sugar business and hopes to complete the deal by the end of the year, the China Daily reported on Thursday, citing a top company official.

"Bright Food is in touch with CSR, and it is likely that the deal could be finalized this year, as our offer is still attractive," said Ge Junjie, deputy general manager of Bright Food Group, according to the paper.

The paper cited him as saying the company planned to raise its offer but did not say by how much.

In January, the CSR rejected a $US1.4 billion offer from Bright Food for its 150-year-old sugar business, and said it would go ahead with a planned spin off of the business, to be called Sucrogen.

Reuters