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Bunge to Pursue Australia Sugar Opportunities as Bid Blocked

February 22, 2011
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According to Bloomberg, Bunge Ltd., will continue to seek acquisition opportunities in the sugar industry in Australia, the third-largest exporter, after its $127 million bid for Tully Sugar Ltd., was blocked. The company is waiting for a rival offer from Mackay Sugar Ltd. for Tully before deciding its next move. Bunge, the world’s second-largest sugar trader, remains interested in Australian sugar even if it fails to win Tully. Bunge lodged a bid for closely-held Tully in Queensland, seeking to expand in sugar-exporting countries amid rising Asian demand. The takeover was blocked on Feb. 18 when Queensland Sugar Ltd. and Mackay Sugar opposed the removal of a 20 percent shareholding cap and said a rival proposal was being developed.

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