SYDNEY (AP) — Australia has delayed a decision on whether to allow China's Bright Food Group to proceed with a 1.75 billion Australian dollar ($1.4 billion) offer to buy the sugar division of building materials producer CSR Ltd.
The Foreign Investment Review Board filed an order on May 19 to delay the decision for 90 days while it considers the Chinese food and retail conglomerate's offer for CSR's Sucrogen division, which includes its sugar and renewable energy business. The order was published by the government Wednesday.
In January, Shanghai-based Bright Food said the acquisition would benefit Australian sugar cane growers by providing a link to the rapidly expanding Chinese sugar and food markets.
CSR's shares had risen 1.9 percent to AU$1.64 by mid-afternoon trading Wednesday.