Wednesday, November 9, 2011

Thai's takeaway MSF?

MSF Sugar has come out of an ASX trading halt this morning with an announcement that its 22% Thai shareholder, Mitr Phol, has made a takeover offer to acquire all outstanding shares at $4.45 per share. This is a 30% premium to recently traded prices. The offer is conditional on Mitr Phol reaching a 50.1% stake.  MSF has traded higher earlier in the year before sugar prices have pulled back in recent months.

There is also a current takeover battle for Proserpine Mill, including an offer from Tully Sugar, now Chinese controlled. Mossman Mill maintains its independence. MSF is an ASX listed company with a substantial local shareholding via a previous merger with Mulgrave Mill. MSF recently relocated its HQ to the thriving business centre of Gordonvale.

We can expect a revival of debate on foreign ownership of our agricultural assets, including possibly xenophopic commentary. 

Update: Bizarre headline in the Cairns Post: Far Northern sugar  mills look to offshore lifeline. A lifeline? Hardly, and a complete misrepresentation! The usual suspects in the parrot cage are provoked.

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