I'd say a pretty good chance Mitr Phol will bid for the rest of MSF. Bunge has bid for Tully sugar, so dont think MSF will be in local hands for much longer.
"ANOTHER significant Australian agricultural group looks about to be taken over by a giant multinational. Massive US-based Bunge has lobbed a recommended $126.7 million bid for Tully sugar.
If successful, the offer of $41 a Tully share will add an Australian arm to Bunge's international sugar business, largely based in Brazil where it is said to be the country's second-biggest producer.
The bid is also likely to add to concerns in some circles that Australia is rapidly selling off its farm and thus potentially exposing itself to food security problems in the future.
The bid for Tully, which may yet flush out competitors, comes as CSR's former sugar division, Sucrogen Queensland's biggest sugar producer is being mopped up by Singapore-based agri-group, Wilmar International, for $1.75 billion.
It also comes as Maryborough Sugar, which is taking over Bundaberg Sugar's far north Queensland operations, has acquired its own significant international shareholder, Thai sugar group, Mitr Phol.
The Thai company, that country's biggest sugar player, recently acquired 19.9 per cent of Maryborough Sugar - which has made several attempts in the past to buy Tully.
French group Louis Dreyfuss, also a massive international agribusiness group, has also been mentioned as a potential buyer of Tully or Maryborough, which was looking for a wealthy big brother before it was surprised by the Thai group's purchase of its stake, at $4 a share, way over Maryborough's then price and still well above yesterday's close of $3.30 a share."
