Wilmar Receives Australia Government Approval for Sucrogen Acquisition

Further to the announcements dated 5 July 2010 and 11 August 2010 issued by Wilmar International Limited in relation to the proposed acquisition of Sucrogen Limited by Wilmar's wholly-owned subsidiary, Wilmar Australia Pty Limited, Wilmar is pleased to announce that the Australian Treasurer, Hon. Wayne Swan MP, has today announced that he has approved Wilmar Australia's application to the Foreign Investment Review Board (FIRB) for its proposed acquisition of Sucrogen from CSR Limited.

Wilmar is confident that its ownership will benefit Sucrogen's current operations and enhance the overall Queensland sugar industry. It has also given undertakings that ensure the support of the sugar industry, specifically in relation to Sucrogen's role in the sugar marketing body, Queensland Sugar Limited and in relation to the use of the sugar terminals.

Wilmar has also informed FIRB that it does not anticipate any significant changes to Sucrogen's operations and its management, with current employment conditions remaining unchanged and that if its growth plans are achieved, there will be increased jobs in the Australian sugar industry.

The transaction remains subject to approval from the Overseas Investment Office (OIO) in New Zealand and other minor customary conditions. A further announcement will be issued once these conditions have been met and a date for completion, which in accordance with the sale agreement is to take place within 5 business days of satisfaction of these conditions, is fixed.

source: flexnewsfood