Sucrogen, the Australian-based sugar subsidiary of Asia's leading agribusiness group Wilmar International Limited (advised by Minter Ellison), announced on 3 June that it had entered into an agreement to acquire Proserpine Co-operative Sugar Milling Association Limited (PSMA), advised by HopgoodGanim, on a debt-free and cash-free basis for $115 million.
Sucrogen currently owns and operates seven sugar mills in north and central Queensland, producing almost half of Australia's total raw sugar supply.
This transaction will increase Sucrogen's milling capacity by about two million tonnes, to a total of 17 million tonnes, and increase raw sugar production by about 10 per cent, to 2.2 million tonnes.
This transaction is subject to shareholder approval, the Australian Competition and Consumer Commission, and other customary conditions precedent.
Minter Ellison's team was led by partner Leigh Brown, with the assistance of special counsel Angella Bregovac and Antra Hood.
PSMA shareholders are expected to vote on Sucrogen's offer in late July.