Australian delays approval of China-CSR sugar deal

Updated: 2010-05-26 11:51
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CANBERRA - Australia's Foreign Investment Review Board on Wednesday delayed a final decision on whether China's Bright Food Group can go ahead with its $1.62 billion bid for a sugar unit of Australia's CSR Ltd.

The order by the Foreign Investment Review board, officially issued on May 19, will continue to block the deal for at least 90 days, while the board considers the proposal.

CSR announced in June last year a plan to split into a separate company its sugar business, which accounted for around 60 percent of Australia's 4.2 million tons of raw sugar output in 2009.