CSR will finally appear in the Federal Court today to seek approval to spin off its famous sugar division into a separate company by the end of March.
Delayed twice, the hearing is a key requirement in the process to float its sugar business. The plan has been in the works since last June. After the split, CSR will mainly be a building materials business, The Australian Financial Review reports.
With time running out, the hearing comes at the end of a busy week for CSR. The company turned down an invitation to talks on selling the sugar business to China's Bright Food (Group) Co and with it the potential for $1.5 billion that Bright had estimated the unit was worth.
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