find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Minter Ellison advises on Chinese sugar takeover

Minter Ellison advises on Chinese sugar takeover

Law firm Minter Ellison is advising Chinese agribusiness company COFCO Corporation on its takeover bid for Queensland sugar mill, Tully Sugar.

 


In what is the first major transaction the firm had done for the client, the client is offering $41 a shae, valuing the grower-owned company at about $127 million. 


The bid is dependent on shareholders voting to change the constitution to allow one shareholder to own more than a fifth of the business. 


The formal takeover offer has been made by COFCO's wholly owned subsidiary, Top Glory (Australia) Pty Limited.


Tully Sugar mills sugar cane to produce quality raw sugar and molasses. All raw sugar produced at the mill is exported. 


COFCO, a Fortune 500 company, is China's largest diversified products and services supplier in the agribusiness and food industry, importing and exporting a range of products.


COFCO is seeking to obtain up to 100 per cent ownership of Tully Sugar shares. COFCO's current cash offer is A$41 per share, with its acquisition subject to a number of conditions, including Australian FIRB approval and a 50.1 per cent minimum acceptance condition. 


Minter Ellison partner Marcus Best is leading the deal with partner Bruce Cowley and senior associate David Schiavello. 


"Minter Ellison is pleased to be assisting COFCO with this significant transaction for it in Australia. We understand COFCO provides an important link in the trade of sugar and grain between Australia and China and this deal would represent a further milestone in those links," Best said. 



Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Minter Ellison advises on Chinese sugar takeover
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...