sugar, page-5

Contrary to Reuters report, DowJones newwire say CSR has not been contacted re a new bid. My guesstimate is: Bright foods make new offer about 10-14% above previous 1.5Billion offer. CSR will accept bid subject to High Court overuling its previous objection. So selling the sugar division for aprox A$1.7Billion is not bad deal for company with mkt cap of 2.5Billion. Def hold IMO.
MM.

'0424 GMT [Dow Jones] China Daily report that Bright Food wants to buy CSR (CSR.AU) Sugar unit for likely more than A$1.5 billion hasn't excited share market: CSR up 4.5 cents, or 2.8%, at A$1.675. Person familiar with situation says target company is in dark, unaware of any specific plans by Bright to move things forward, hasn't had talks, no plans to meet; says CSR operating as per previous statement on Jan. 26, remains committed to demerging its sugar, renewable energy unit. CSR's board said then it will only progress any alternative "if such transactions have a sufficiently high degree of certainty as to value, timing and likelihood of completion." Bright didn't previously formalize a proposal or offer, so next key step in demerger is Federal Court hearing scheduled for March 29, 30. (RCB)'