Chinese, Australian and multinational groups all have their sights set on Tully.

Tully Sugar annually exports around 260, 000 tonnes of raw sugar – the produce of some 325 sugarcane famers – though since the floods decimated much of the harvest earlier in the year, this amount is expected to fall to a 20-year low.

It is beleaguered state, Tully Sugar has become a prospect for takeover; with COFCO, China’s state-owned food giant, Queensland’s grower-owner Mackay Sugar and the agribusiness Bunge all offering bids for the company.

All three bidders are hoping for complete ownership, with shares at $41 and an overall value of $126.7 million. 

Voting will take place this Wednesday, where shareholders will decide whether to allow single person/entity ownership – currently the company has a ban on anyone owning more than 20 percent shares.


Image courtesy of www.infiniteunknown.net

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