Wilmar buys Sucrogen Limited for A$1.75bln

Top agribusiness group ventures into the sugar business with the acquisition of Sucrogen Limited, the largest raw sugar producer in Australia.

Asia's largest agribusiness group by market capitalisation, Wilmar International, announces on Monday that it has entered into an agreement to acquire CSR Limited’s (CSR) sugar and renewable energy business, Sucrogen Limited, for A$1,750 million (US$1,472 million) which comprises A$1,347 million (US$1,133 million) in equity, and A$403 million (US$339 million) of net debt, as of 31 March this year, a Wilmar report said on Monday.

Completion of the transaction is expected to take place around 30 September 2010, subject to approval from Australia’s Foreign Investment Review Board and New Zealand’s Overseas Investment Office, as well as other customary sale conditions.

Wilmar's strategic acquisition of the sugar and renewable energy business is part of its expansion in countries where it leads the market.