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Minter Ellison and HopgoodGanim refine sugar deal

Minter Ellison and HopgoodGanim refine sugar deal

HopgoodGanim and Minter Ellison have advised on the sale of PCSMA assets to Sucrogen.HopgoodGanim advised the administrators of Proserpine Cooperative Sugar Milling Association Limited (PCSMA),…

HopgoodGanim and Minter Ellison have advised on the sale of PCSMA assets to Sucrogen.

HopgoodGanim advised the administrators of Proserpine Cooperative Sugar Milling Association Limited (PCSMA), Australia's fifth largest sugar mill, to complete the $120 million sale of its milling assets to Sucrogen, advised by Minters.

HopgoodGanim has advised PCSMA on corporate structuring and its sale process since February 2011.

According to partner Nicole Radice, PCSMA administrators were able to complete the sale to Sucrogen with a same day turnaround, shortly after PCSMA's creditors approved the transaction.

"The advice we have provided ranged from obtaining government and regulatory approvals through to advising on complex structuring, property and employment issues," said Radice.

"We also advised the [PCSMA] directors in respect of a number of rival bids."

Sucrogen is the Australian-based sugar subsidiary of Singapore's Wilmar International Limited.

It produces about half of Australia's raw sugar supply and is the largest sugar refiner in Australia and New Zealand.

Sucrogen's purchase of PCSMA will lift its raw sugar milling capacity by approximately 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.

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