CSR noted that Bright Food Group had previously expressed interest in the sugar business however it "lacked certainty as to value, timing and likelihood of completion," according to a statement from CSR.

CSR has however indicated that it will continue with its plans to demerger its sugar and renewable energy business and will consider any proposal.

Bright Food has reportedly valued the business at $1.5 billion.

Following the announcement, CSR shares have jumped 5.85 per cent since the close of yesterday's trade to above $2.08 at about 11.30am.