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CSR, CSR LIMITED
farmer fred
post Posted: Feb 3 2010, 03:10 PM
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In Reply To: plastic's post @ Feb 3 2010, 02:19 PM

Looks like a drop coming up when it reopens. Wonder if they will appeal or drop the idea altogether.



 
plastic
post Posted: Feb 3 2010, 02:19 PM
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Now what? No RIN this time.

Court stops CSR's $3b demerger
ELISABETH SEXTON
February 3, 2010 - 1:30PM Be the first to comment

CSR's $3 billion plan to split into two companies has been stopped by the Federal Court because the potential impact on asbestos disease sufferers is "inconsistent with public policy and commercial morality".

Justice Margaret Stone has rejected CSR's application for an order convening a shareholder meeting to vote on the demerger, meaning that the scheme of arrangement cannot proceed.

Concerns about the impact of the demerger on asbestos compensation were raised by the Australian Securities and Investments Commission, the NSW Government, the Asbestos Injuries Compensation Fund (a body set up by James Hardie after its compensation trust was found in 2004 to be grossly underfunded, which often shares liability for compensation with CSR) and James Hardie.

The judge said expert evidence put to the court by CSR and these objecting parties showed "divergent" opinions on whether CSR would be able to meet its liabilities to asbestos victims if the spin-off of its sugar business into a new company proceeded.

"It is not the role of the court to resolve such uncertainty however the degree of uncertainty evidenced by the divergent opinions has led the court to conclude that the draft statement explaining the implications of the proposed demerger to shareholders would not adequately disclose those uncertainties," Justice Stone said.

"Moreover, the court has also concluded that the potential disadvantage to those having asbestos related claims is such that the demerger is inconsistent with public policy and commercial morality," she said.

"After demerger CSR would be less likely to be able to meet its future asbestos liabilities."

CSR shares had gone into a trading halt ahead of the ruling, and were last trading at $1.845. The company says it will respond to the court's judgement no later than 10am tomorrow.

Last month, CSR rejected an approach by China's Bright Food Group, to buy its sugar and renewable energy division for $1.5 billion.






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What did Uncle Mel do to us?
 
farmer fred
post Posted: Feb 2 2010, 06:40 PM
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In Reply To: macduffy's post @ Feb 1 2010, 07:03 AM

Shell is moving in big time in the ethanol market in Brazil. Has positive implications for the sugar and ethanol spinoff from CSR and reinforces the wisdom of CSR rejecting the Bright Food approach.

"The scale of the prospective partners’ ambitions is probably good news, not just for the prospect of displacement of carbon-intensive fuels, but for soft commodities and, perhaps, CSR’s proposed sugar and ethanol spin-off in particular"

Should keep the sugar price moving upwards and benefit MSF as well.

http://www.businessspectator.com.au/bs.nsf...ent&src=sph




 
macduffy
post Posted: Feb 1 2010, 07:03 AM
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An interesting article here from Stephen Bartholomeusz on the "bid" for CSR's sugar interests.

Has wider implications beyond CSR.

http://www.businessspectator.com.au/bs.nsf...ent&src=kgb

 
farmer fred
post Posted: Jan 12 2010, 09:29 AM
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In Reply To: farmer fred's post @ Jan 12 2010, 09:24 AM

Bit more detail form business spectator.


Shanghai-based Bright Food (Group) Co Ltd says it has proposed talks with CSR Ltd to buy the company's sugar and renewable energy business for cash.

In a media release, Bright Food said that it had written to the chairman of CSR offering to hold talks on a proposal under which the company's wholly-owned subsidiary, Shanghai Sugar Cigarette & Wine (Group) Co Ltd (Yantang), would buy the sugar business.

Bright Food said it valued CSR Sugar at not more than $1.5 billion.

Shares in CSR surged as the market opened, climbing 7.37 per cent to $2.11 at 1015 AEDT, having traded as high as $2.13, against a 0.36 per cent slide in the benchmark index.

Yantang chairman and Bright Food vice president Ge Junjie said the company was keen to invest in the Australian food industry, especially the sugar industry.

"We would welcome the opportunity to work directly with CSR Limited to discuss and hopefully finalise the details of a potential acquisition by Yantang of the sugar assets held by CSR Sugar," Mr Ge said.

"This acquisition aligns with Bright Food’s long term strategy to build resource related businesses which also include food related, dairy, wine and nutrition products."

Mr Ge said the company had written to CSR Ltd chairman Ian Blackburne and was "hopeful of a prompt and positive response".

"We believe our proposal for a potential acquisition of CSR Sugar for cash would be a much more attractive and significantly more secure alternative to the current plan by CSR Limited to demerge its sugar assets," he said.

Bright Food said the $1.5 billion valuation represented a significant premium to the average value attributed to CSR Sugar by analysts.

Outlining the benefits of its proposed acquisition, Bright Food said a deal would give Australian sugar cane growers direct access to the rapidly-growing Chinese sugar and food markets.

The company also noted that a cash bid would provide funds for CSR to meet its liabilities.

Bright Food said it would require a short due diligence period prior to entering into a definitive transaction, which would not be subject to finance.

A deal would require approvals from the Foreign Investment Review Board and various Chinese government agencies, with approvals from the latter expected to take three to four months following an agreement.

Bright Food, which is one of the largest food companies in the world, posted revenue of about $US7.1 billion in 2008 and has more than 3,300 retail outlets across China.

Its principal shareholder is Shanghai Municipal Government. Yantang is the largest sugar wholesaler in China.
http://www.businessspectator.com.au/bs.nsf...ent&src=hp1



 
farmer fred
post Posted: Jan 12 2010, 09:24 AM
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Looks like a bit of interest from the chinese for the sugar and renewable energies part of CSR.

http://www.theaustralian.com.au/business/c...x-1225818315284

 


farmer fred
post Posted: Dec 18 2009, 03:04 PM
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Sugar still rising mainly due to a shortfall in the Brazil harvest due to to much rain, which follows a lower harvest in India due to not enough rain.
Up again last night.

"Sugar and cocoa prices rallied on Wednesday as strong supply and demand fundamentals for soft commodities attracted fresh investor buying and speculative inflows.

Brazil’s sugar production will be 2.1m tonnes less-than-expected due to heavy rains between July and November, according to Conab, the national crop supply agency, which forecast 2009/10 output would fall to 34.6m tonnes, compared with September’s projection for 36.7m tonnes.
Liffe March white sugar rose 2.1 per cent to a record $670 a tonne, up 11.7 per cent over the past six sessions. Raw sugar prices have traded above the 25 cents a pound mark this week for the first time since 1981. ICE March raw sugar jumped 5.4 per cent at 26.15 cents a pound before easing back to 25.92 cents.

Dealers said Brazilian producers had told trading houses that about 1m tonnes of sugar scheduled for delivery in the first quarter of next year would not be available.

The shortfall will force dealers to rely on supplies from Central America and Thailand. However, sugar in both areas is trading at a premium to the New York market, suggesting international prices could move higher.

“The market is trying to do its job,” said a senior sugar trader. “It is trying to squeeze whatever supplies remain available and, at the same time, trying to defer demand as long as possible.”

Talk that raw sugar could reach 30 cents a pound circulated widely. "
http://www.ft.com/cms/s/0/e8e772ee-ea3a-11...144feab49a.html
http://futures.tradingcharts.com/chart/SU/A9



 
plastic
post Posted: Oct 26 2009, 08:56 AM
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Your words may prove to be right on the money Arty. CSR now in a trading halt pending cap. raising details.

They had one not long ago so why they need another is mystifying. I would say that building is so bad they need more (which I doubt) or it is something to do with the spin out of the sugar business (which I don't doubt).

Is it just coincidence that rumours about MSF and Tully's are making the rounds at the same time?



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What did Uncle Mel do to us?
 
arty
post Posted: Sep 25 2009, 01:34 PM
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It didn't quite get there, Sabre
reversed a tad short of Fib 161.8% and has now broken below the March-July rising support.
If that trendline stays broken, it's likely to drop back to 100% or even to that old support/resistance zone around $1.56

I'm currently not holding either position, but if I had to decide, I'd be short from about $2.

Attached Image.



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
sabretoothed
post Posted: Aug 18 2009, 02:17 PM
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Sugar prices going to the roof, could retest 2.50 again soon??



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I confirm that am not a licensed investment adviser , or have any formal training, to give investment advice. Therefore you must seek professional advice. I may hold this stock. Jesse Livermore is my Hero. Australia is the next Iceland!
 
 


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