Buyout of MSF nears
THE $313 million buyout of MSF Sugar is expected to be complete tomorrow, after Thai company Mitr Phol announced it had acquired 91% of shares.
Mitr Phol is predicted to buy the remaining MSF shares for a 100% stake after announcing it had reached the minimum threshold for compulsory acquisition yesterday.
The company is offering $4.45 a share, in a deal that both Mitr Phol president Krisda Monthienvichienchai and MSF chairman James Jackson have urged shareholders to accept.
Mitr Phol is in the five largest sugar producers in the world, and is also investigating the possibility of diversifying into biomass power plants and biofuels to increase value from the Australian mills.
If the buyout is completed tomorrow, it will mean only a handful of independent mills will remain under Australian ownership, with every major sugar company except Mackay Sugar run by overseas interests.
The remaining eight Australian-owned mills are independent operations in Queensland and New South Wales.
