The three companies, including COFCO, have settled for the control of Australia's Tully Sugar. After a series of fares increase with Bunge, one of the world’s top four grain companies, and a local Australian sugar company, COFCO finally won.

COFCO (hereinafter referred to as COFCO) announced yesterday that the group has increased its shareholding in Australia's Tully Sugar to 61.25%, of which 6.91% came from Bunge, its bidding competitor.

On April 16 this year, COFCO issued a non-binding offer to Tali Sugar through its Australian subsidiary, Top Glory, to acquire 100% of its shares at a price of A$41 per share. On May 23rd and June 3rd, COFCO raised bids twice and was eventually set at A$44 per share, which resulted in Tali Sugar’s valuation of A$136 million. This quotation has been recommended by the Tali Sugar Board of Directors.

Yu Xubo visited Australia in June

Tally Sugar is located in Queensland, Australia, and is engaged in sugarcane planting and processing. It is one of the few companies in Australia owned by sugarcane farmers. About 325 farms provide sugarcane for Tali Sugar's sugar processing plant. The sugar processing plant produces 260,000 tons of raw sugar per year, which accounts for approximately 5.6% of Australia's total sugar production. All of its products are exported. According to previous reports by the media, Talisi's 3,089,900 shares were held by 499 shareholders, and half of the shareholders were sugar cane farmers. In addition to sugar mills, Tali Sugar also owns properties in Queensland, Australia.

COFCO is still interested in acquiring 29.9% of Tally Sugar's shares held by Mackay Sugar. Mackay is backed by Louis Dreyfus, one of the world’s four largest grain merchants.

According to reports, in order to facilitate the acquisition, in early June this year, after the Australian Foreign Investment Review Committee approved the acquisition plan, COFCO President Yu Xubo led the COFCO delegation to Australia. During the inspection, Yu Xubo told the Australian side that the acquisition of COFCO is not limited to sugar. COFCO hopes to use sugarcane straw to develop fuel ethanol and research and development of sugarcane by-products and seeks local production. This is good news for Tali Town where the tropical cyclone Yasi was attacked in February this year.

In addition, COFCO also promised to maintain the existing management of Tali Sugar, and expressed that it would continue to implement the original sales agreement signed between Tali Sugar and Queensland Sugar in Australia.

"The purchase price is not high"

COFCO is not the only Chinese company that seeks to acquire sugar resources in Australia. In early 2010, Bright Food Group had invested A$1.68 billion to acquire the sugar and renewable energy business of Australia’s largest sugar company, Australia’s CSR, and eventually lost to Singapore’s Fengfeng International Group.

Liang Mingxuan, a food industry researcher at China Investment Consulting Group, believes that the direct reason for the failure of Guangming Food Group to purchase Australian sugar is that its offer is lower than that of Fengyi International, and the deeper reason is that the company's background and strength are less than that of Fengyi International. In competition with Bunge and Mackay Sugar, COFCO once made its bids passive due to its status as a state-owned enterprise.

“Because Tali Sugar has strong technical strength and productivity level, and has great development potential, the acquisition price of A$44 per share is not very high in terms of long-term earnings.” Liang Mingxuan stated that China is also the third largest in the world. In sugar-consuming countries, mastering the upstream sugar industry will help promote downstream food processing.

Aegyo Sugar analyst Gao Dong also said that China's current dependence on foreign trade in large-scale agricultural products has been increasing year by year. Strengthening the control of resources is very important for Chinese companies. “In the past two years, domestic sugar industry has emerged due to drought and other reasons. Reduced production, higher prices, ability to grasp upstream resources, and development of COFCO's entire industry chain are very important.” In 2009/2010, China's sugar crop was cut for the second year in a row. Production fell by 1.7 million tons to 10.74 million tons, while consumption was expected. It reached about 13.8 million tons, and there was a gap of more than 3 million tons in domestic sugar production. The current price of sugar has risen from less than 5,000 yuan/ton in 2009 to over 7,000 yuan/ton.

In addition, Gao Wang believes that in addition to sugar resources, the future of sugar cane development is also worthy of attention. “Sugar cane can be used to produce fuel ethanol. In the future, if the price of oil rises, the value of sugar cane will gradually increase.”

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