News International Sugar Journal

COFCO acquires Tully Sugar Mill in Australia [Registered]

COFOCO, the Chinese stated-owned food and oil giant has taken control of Tully Sugar mill in Queensland after the rival bidder Bunge, the US-listed agribusiness, pulled out. COFCO announced on 5th July that it had acquired 61.25% of Tully Sugar, including a 6.9%t stake owned by Bunge. Tully Sugar was predominantly owned by local canegrowers until a three-way bidding contest involving COFCO, Bunge and Australian-owned Mackay Sugar earlier this year. The Cofco offer values Tully Sugar at $136 million. Cofco offered $1 more per share than its rival bidders, and Tully Sugar’s board had recommended shareholders accept the Chinese company’s…

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