Bunge to buy Tully Sugar for $127m

GLOBAL agribusiness giant Bunge has unveiled a friendly $126.7 million offer for Australia's unlisted Tully Sugar.

The target's directors unanimously recommended in the absence of a superior offer.

Tully Sugar chairman Ralph Craven said the offer at $41 cash per share provides substantial value for shareholders.

Bunge's trading experience and global reach will bring operating and financial strength to the company, Mr Craven said.

"The Australian sugar industry and the Asian region are evolving quickly," Mr Craven said in a joint statement.

"The Tully Sugar board believes the association with Bunge will assist Tully to evolve successfully with these changes."

source: theaustralian