CSR demerger to face court scrutiny next week
CSR Limited has agreed with ASIC that the first court hearing relating to the proposed demerger of their Sugar and Renewable Energy business will now be held on the 29th January 2010 – the third delay to the case.
“ASIC and CSR have made substantial progress in working through a considerable amount of detailed material, including independent expert reports relating to the disclosure of asbestos liabilities in the draft scheme booklet for the proposed demerger,” the ASX-listed firm said in a statement. “This revised date will give appropriate time for the parties to give full consideration to final drafts.
“CSR continues to target implementation of the demerger on schedule. The Board is committed to the demerger proposal and believes the demerger is in the best interests of shareholders.”
There have been no new developments with regard to the informal takeover proposal from Bright Food Group, although a formal offer may be seen within the next few weeks.
