Wilmar: Reported that the Australia's Foreign Investment Review Board had approved its US$1.5b purchase of Sucrogen from CSR. To recap, Sucrogen is the world's second-largest exporter of raw sugar and Australia's top maker of sugar-based ethanol. The transaction remains subject to approval from NZ’s Overseas Investment Office…
In a separate announcement grp announced that it has increased a planned syndicated term loan facility to US$1.3b from US$1.1b to accommodate over-subscription by banks. The loan is to help fund the Sucrogen purchase. Acquisition comes at a time where Sugar prices are soaring, due to increasing demand and a lack of global supply. Wilmar will be announcing 3Q results tomorrow.
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