BRIGHT Food Group's move to buy CSR's sugar and renewable energy unit for up to $1.5 billion has been knocked back by the iconic Australian company.
Shares in CSR jumped on the news, bucking the overall down trend on the market to gain 3 cents, or 1.5 per cent, to $2.01 shortly after the market opened.
In a statement released to the Australian Securities Exchange this morning, CSR said it had considered the offer from the Chinese food giant - but its preferred option remained an existing demerger proposal for its sugar and energy business.
"CSR remains focused on maximising shareholder value," the statement said. "...(T)he Board is of the opinion that the demerger is in the best interests of shareholders."
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