TIME is running out on a request from China's Bright Food Group for talks with CSR to buy its sugar business in a $1.5 billion deal, as both sides claim it is the other's move.
Bright may abandon its approach if CSR doesn't agree to talks soon, a source close to Bright Food told The Australian Financial Review. A negotiating team made up of executives is standing by in Sydney and Shanghai ready to start talks.
"The window is closing," the source said. "If we don't get engagement in the not-too-distant future, the whole thing may be moot," the source said.
CSR has been pursuing a spin-off of its sugar business since last June as sugar prices approach their highest level in almost three decades and equity markets rally.
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