MAJOR CSR shareholder Guinness Peat Group has criticised the CSR board over its decision not to engage with Chinese suitor Bright Food (Group), which offered $1.5 billion for the company's sugar division.
GPG executive director Gary Weiss told The Australian Financial Review there has been no progress by the CSR board regarding the approach from the Chinese food group and retailer.
"Based on everything I have read, I don't believe that any tangible progress has been made in terms of exploring the possibilities of putting Bright in a position to potentially upgrade its proposal for CSR's sugar and renewable energy business," he said.
Asked if he preferred the company to move ahead with its planned spin-off and listing of the sugar business or sell it, he said it could be possible to pursue both options at once.
"I don't see the two as mutually exclusive," he said.
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