AFTER two years of work and more than 20 years of paying asbestos compensation directly to victims, CSR's hopes of spinning off the sugar business have at the very least been severely delayed.
In early morning trade, CSR lost 20 cents to trade at $1.645 but has since clawed back to $1.73.
The most likely course of action will be an appeal in the next few days, a source close to CSR told The Australian Financial Review.
And then there's the option of selling the business outright. CSR twice last month rejected overtures from China's giant Bright Food to buy the business for $1.5 billion - or maybe even more.
Keeping to a tight deadline to spin off the sugar business into Sucrogen by March 31 was the main reason CSR fobbed off Bright Food.
"I don't see how we present timetable issues now," a source from Bright Food said, warning the company wouldn't ask for talks again. "We wait for CSR to engage."
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