The sale of one of Australia’s largest and last remaining grower-owned sugar milling company Mackay Sugar to Nordzucker has moved a step closer, with the State Government committing AU$14 million (US$9.7 million) lifeline to facilitate the closure of a deal.
Nordzucker and Mackay Sugar Limited have agreed by contract that Nordzucker will acquire a 70 percent majority stake in the sugar company. The confirmation was announced on the Nordzucker’s website and comes after months of deliberations.
Nordzucker is in talks to buy Australian producer Mackay Sugar, according to a Nordzucker spokesperson.
Far Northern Milling Pty Ltd is buying back the Mossman Mill after entering into an agreement with Australia’s second largest miller Mackay Sugar which is under pressure from crippling debt, according to local press reports.
Australia’s second-biggest sugar miller, Mackay Sugar, is nearing a comprehensive recapitalisation plan which would see a strategic investor take a stake in the company, according to the Australian Financial Review.
Mackay Sugar recently announced it is considering selling one of its mills to reduce the debt of some AU$212 million (US$159.5 mln), according to local press reports
Mackay Sugar has ruled out further investment in co-generation projects if the 41,000GWh large-scale Renewable Energy Target (RET) is reduced to 33,000GWh, as both major parties have in-principle agreed according to local reports.