Bright prospects for Chinese
CHINESE-OWNED Bright Food Group is still sweet on an overseas acquisition that could include Northern Rivers sugar processing mills.
Early this month the business failed in its bid to buy CSR Ltd, the world’s leading sugar producer,being outdone by Wilmar International, the world’s largest palm oil trader.
But the China Daily newspaper has reported that Bright Foodremains optimistic there will be a lot more attractive deals ahead, thanks to the financial crisis.
One of those deals could be NSW Sugar Milling Co-operative’s Harwood, Condong and Broadwater mills.
A meeting has already taken place in Sydney between the co-operative and Bright Food, although co-operative chief executive Chris Connors has described it as “very preliminary”.
Co-operative chairman Ian Causley said that if Bright Food made an offer the board would be required to make an assessment.
A spokesman for Eric Roozendaal, NSW Minister for State and Regional Development, said he was unaware of talks between Bright Foods and the co-operative but that the Chinese group was certainly looking at sugar companies.
At the end of June it signed an agreement with the NSW Government and the China Development Group to work together to develop investment projects in NSW’s agriculture sector.
This agreement would help Bright Group explore opportunities in the sugar, dairy and wine industries, the spokesman said.