Wilmar gets Australian OK for $1.5 billion Sucrogen buy

SINGAPORE (BestGrowthStock) – Singapore’s Wilmar International (WLIL.SI: ), the world’s largest palm oil firm, said on Monday that Australia’s Foreign Investment Review Board has approved its $1.5 billion purchase of Sucrogen from CSR Ltd (CSR.AX: ).

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.

Wilmar said in a separate announcement that it has increased a planned syndicated term loan facility to $1.3 billion from $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.

Wilmar gets Australian OK for $1.5 billion Sucrogen buy