Deals
Bright Food Offers $1.4 Billion to Buy CSR Sugar Unit
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Bright Food Group Co., the biggest food company in Shanghai, offered as much as A$1.5 billion ($1.4 billion) cash for CSR Ltd.’s sugar unit to gain raw materials after global prices more than doubled in the past year.
CSR shares rose to the highest in more than two years in Sydney trading after Bright disclosed its bid in a statement today. The Shanghai-based company’s offer is “merely an expression of interest” and isn’t capable of acceptance, CSR said in a stock exchange filing.