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Sydney, April 23, 2010 (ABN Newswire) - Australian building materials and sugar producer, CSR Limited, now can move on its plan to separate its sugar and renewable energy business, after the Federal Court accepted an appeal from CSR in relation to lower court's ruling to block the company's demerger proposal in February.
The earlier court decision had called into question a demerged CSR's capacity to pay future asbestos claims. Friday CSR shares were strongly up on the latest Federal Court decision.
CSR says it believes that a separation of its two very different operating businesses has the potential to create additional value for shareholders. The demerged sugar and renewable energy business will be renamed as Sucrogen and be listed on the Australian Securities Exchange. The company's building material operations would remain under the CSR name.
CSR also denied the speculation that Japan's Mitsubishi (
TYO:8058) and Mitsui (TYO:8031) did not approach to buy its sugar business, but reiterated it it's continuing its talks with China's Bright Food about the A$1.75 billion bid to takeover Sucrogen.
The earlier court decision had called into question a demerged CSR's capacity to pay future asbestos claims. Friday CSR shares were strongly up on the latest Federal Court decision.
CSR says it believes that a separation of its two very different operating businesses has the potential to create additional value for shareholders. The demerged sugar and renewable energy business will be renamed as Sucrogen and be listed on the Australian Securities Exchange. The company's building material operations would remain under the CSR name.
CSR also denied the speculation that Japan's Mitsubishi (
TYO:8058) and Mitsui (TYO:8031) did not approach to buy its sugar business, but reiterated it it's continuing its talks with China's Bright Food about the A$1.75 billion bid to takeover Sucrogen. |
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