Unlucky again in Tully takeover

MARYBOROUGH Sugar Factory’s attempted takeover of unlisted north Queensland mill Tully Sugar has hit another dead end.

The Federal Government’s Takeover Panel last week rejected the factory’s second appeal to review Tully Sugar’s business.

Meanwhile, sugar marketing body Queensland Sugar Limited moved to buy an almost 10 per cent stake in the north Queensland mill.

The move was being seen in the industry as a “blocking stake” to prevent MSF from establishing itself as a volume exporter of raw sugar.

Mike Barry, MSF chief executive officer, said: “Clearly they are moving to establish a blocking stake to ensure they can earn the marketing rights for Tully Sugar.”

He said QSL’s 10 per cent stakeholding may not spoil their takeover.

“Our current offer is still on foot until the 26th of February,” Mr Barry (pictured) said.

After the first rejection in November last year, Tully chair Dick Camilleri was quoted as saying the mill would create more value if it remained independent.

He said shares in MSF, the ASX’s only listed pure sugar company, had dipped to as low as $2.03 since the takeover announcement – almost 10 per cent less than the $2.25 price it had based the merge on.

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