New Zealand authorities clear sale of CSR's sugar business

(ADPnews) - Dec 15, 2010 - Australian CSR Ltd (ASX:CSR) said on Wednesday it has received a nod from New Zealand's Overseas Investment Office to sell its sugar and renewable energy division to Singaporean palm oil producer Wilmar International Ltd (SIN:F34).

In July the building materials maker agreed to unload its Sucrogen division for AUD 1.75 billion (USD 1.73bn/EUR 1.03bn), a move that came after Chinese Bright Food Group in April improved its conditional offer for the unit to AUD 1.75 billion.

CSR expects the divestment to close on December 22.

Meanwhile, the company said it plans to return AUD 800 million from the sale of its sugar business to shareholders.

(AUD 1.0 = USD 0.991/EUR 0.745)

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