Singapore’s Wilmar International (WLIL.SI) said on Wednesday its Australian sugar unit Sucrogen failed to get the support needed to go ahead with its proposed purchase of assets belonging to Proserpine Co-operative Sugar Milling Association.
Sucrogen had announced in June that it had entered into an agreement with Proserpine to purchase the association’s business assets for A$115 million ($147.8 million) on a debt-free and cash-free basis.
Including completion adjustments, the final purchase price was expected to be about A$118 million.
“Although the Sucrogen offer received majority support with 70% of members who voted voting in favour. This was not sufficient,” Wilmar and Sucrogen said in a joint statement.
“In order for Sucrogen’s offer to be approved, at least 75% of PCSMA (Proserpine) members who voted needed to vote in favour of Sucrogen’s offer,” the two companies added.
Wilmar is the world’s largest listed palm oil firm.
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