Wilmar gets approval to buy Australia’s Sucrogen

Singapore’s Wilmar International, the world’s largest palm oil firm, said that Australia’s Foreign Investment Review Board has approved its US$1.5 billion purchase of Sucrogen from CSR Ltd. Australian Treasurer Wayne Swan announced the approval of the deal, it said in a disclosure to the Singapore Stock Exchange. The transaction remains subject to approval from New Zealand’s Overseas Investment Office, Wilmar said. In a separate announcement, Wilmar said that it has increased a planned syndicated term loan facility to US$1.3 billion, from US$1.1 billion, to partly accommodate over-subscription by banks. The loan is to help fund the Sucrogen purchase. Sucrogen is the world’s second largest exporter of raw sugar and Australia’s top maker of sugar-based ethanol. (November 8, 2010)