CHINA'S Bright Food has warned it will not make a revised bid for CSR's sugar business, indicating that hopes of a $1.5 billion sale are dead.
"We've done everything possible to get CSR to the table," a source close to the Chinese food giant told The Australian Financial Review.
"Unless they engage, the proposal cannot be fulfilled."
CSR said yesterday it would push ahead with a planned demerger of its sugar and renewable energy business after a high-level meeting with Bright Food last week failed to secure a deal.
CSR's decision underlines confidence that the growing demand for sugar will underpin its fortunes. Buoyant demand for the product in emerging economies such as China should attract suitors once the shares trade freely.
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