Ge Junjie, vice president of Bright Food Group Co, said they were in talks with Australia-based CSR Ltd to purchase its sugar unit and the deal may be completed this year.
Ge made his remarks during the annual session of China's top advisory body, the Chinese People's Political Consultative Conference (CPPCC) on Wednesday.
Ge said the price was not a problem and they can offer a higher price to close the deal. He said they will fly to Australia this month to negotiate with CSR and officially extend the application. The deal is at a crucial stage now and they sincerely hope to succeed, Ge added.
Bright Food Group, the biggest food company in Shanghai, offered as much as $1.4 billion cash for CSR's sugar unit to gain raw materials in January but was rejected by the Australian company because the offer was too low, according to reports.