Members of the Proserpine Sugar Mill have voted to reject a $115 million bid to save the ailing north Queensland miller.
Sucrogen, owned by Singapore-based Wilmar International, made their offer some weeks ago, but last week Tully Sugar, a subsidiary of Chinese state-owned COFCO, surprised industry and growers by making a rival bid.
The Board of Proserpine did not accept the COFCO offer. Sucrogen needed 75 per cent of votes cast by cooperative’s 214 members to approve their offer, but failed by a mere 11 votes.
Proserpine acting chief executive, Ian McBean, says the mill now faces significant uncertainty … More (ABC.net.au)