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Mackay Sugar’s agreement in minority stake in sugar refining joint venture expires

CSR has confirmed that Mackay Sugar’s original agreement to acquire part of a sugar refining joint venture has expired.

According to CSR, Mackay Sugar had initially agreed to acquire Mackay Sugar’s 25 per cent shareholding of the business made up of Sugar Australia and New Zealand Sugar.

The expiry follows the failure of the conditions precedent being met within the agreed timeframe.

As a result, Mackay Sugar said it will take an 8.77 per cent stake Sucrogen, CSR’s Sugar business that owns 75 per cent of the joint venture.

Mackay Sugar will continue to pursue outcomes that enhance value to its shareholders from the refining business, Mackay Sugar concluded.

 

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