This month COFCO announced that it already holds a 61.25% stake in Tully Sugar, an Australian sugar company. It announced that it already holds nearly 99% of TullySugar's shares, including its current only competitor, MackaySugar, which Australia has just sold to COFCO. 31.5% of the shares. The three-month purchase of Australian sugar ended with the victory of COFCO.
MackaySugar issued a statement on July 18 stating that the company’s bid for shares in Tully with COFCO was aimed at acquiring control and making the latter part of the company’s business. Due to the failure to achieve a controlling stake in the bid, for the best interests of the two sugar companies, they decided to sell all of Tully’s shares to COFCO.
Since April 16, COFCO, Mackay Sugar, Australia, and Bunge, an international giant, have launched bids for Tully’s shares. After several rounds of strategic adjustment, the COFCO's offer received support from all parties. On July 4, Bunge announced that it would withdraw from Tully's bid and decided to sell its Tully shares to COFCO so that the shares of Tully owned by COFCO could reach 61.25%. After gaining a controlling position, according to the Australian company law, the offer of COFCO is also automatically extended to July 18. COFCO's final offer price is AUD 44/share, totaling TULLY's total value of A$136 million, which is equivalent to RMB 938 million, which also means that COFCO's acquisition cost nearly RMB 1 billion.
The industry believes that domestic sugar demand exceeds 13 million tons this year, domestic production is estimated at 10.5 million tons, and there is a gap of 2.5 million to 3 million tons. This can only be compensated by imports, and the best way is to be able to establish overseas upstream. base. COFCO's acquisition of this time can, on the one hand, expand the planting area of ​​sugarcane and the processing capacity of sugar, on the other hand, it can also reduce the production cost, so that it can export sugar to China.
MackaySugar issued a statement on July 18 stating that the company’s bid for shares in Tully with COFCO was aimed at acquiring control and making the latter part of the company’s business. Due to the failure to achieve a controlling stake in the bid, for the best interests of the two sugar companies, they decided to sell all of Tully’s shares to COFCO.
Since April 16, COFCO, Mackay Sugar, Australia, and Bunge, an international giant, have launched bids for Tully’s shares. After several rounds of strategic adjustment, the COFCO's offer received support from all parties. On July 4, Bunge announced that it would withdraw from Tully's bid and decided to sell its Tully shares to COFCO so that the shares of Tully owned by COFCO could reach 61.25%. After gaining a controlling position, according to the Australian company law, the offer of COFCO is also automatically extended to July 18. COFCO's final offer price is AUD 44/share, totaling TULLY's total value of A$136 million, which is equivalent to RMB 938 million, which also means that COFCO's acquisition cost nearly RMB 1 billion.
The industry believes that domestic sugar demand exceeds 13 million tons this year, domestic production is estimated at 10.5 million tons, and there is a gap of 2.5 million to 3 million tons. This can only be compensated by imports, and the best way is to be able to establish overseas upstream. base. COFCO's acquisition of this time can, on the one hand, expand the planting area of ​​sugarcane and the processing capacity of sugar, on the other hand, it can also reduce the production cost, so that it can export sugar to China.
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