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Minters secures sweet deal

Minters secures sweet deal

Minter Ellison has advised Chinese agribusiness company COFCO Corporation on its acquisition of Queensland sugar mill Tully Sugar Limited. COFCO, China's largest diversified products and…

Minter Ellison has advised Chinese agribusiness company COFCO Corporation on its acquisition of Queensland sugar mill Tully Sugar Limited.

COFCO, China's largest diversified products and services supplier in the agribusiness and food industry, now holds over 60 per cent of Tully Sugar, paying $44 per share.

Partner Marcus Best and senior associate David Schiavello advised on the deal which is valued at $136 million. Minters partner Bruce Cowley, based in Brisbane, also advised on the transaction. McCullough Robertson advised Tully Sugar.

"COFCO provides an important link in the trade of sugar and grain between Australia and China and this deal represents a further milestone in those links," said Best.

Tully Sugar is unusual in that it is an unlisted public company regulated by Chapter 6 of the Corporations Act takeover rules. The company's constitution was recently changed by its shareholders who voted to allow a shareholder to own more than 20 per cent, allowing the COFCO bid to proceed

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