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Forum Index : Off topic archive. : Bye Bye CSR sugar, renewables
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| dwyer Guru  Joined: 19/09/2005 Location: AustraliaPosts: 574 |
Hi to all I found out last night that maybe another Australian-owned company might be sold to China. So one day, the whole Australian continent will be Foreign owned soon and Foreign own mobs MP will possibly run Canberra Parliment as well. This is heart breaking for us    .
Bright Food offers $1.65bn for CSR sugar, renewables What are these? CHINA'S Bright Food Group has made a cash offer of more than $1.65 billion for CSR's sugar and renewable energy business, Sucrogen. After weeks of speculation, Bright Food Group, led by vice-president Ge Junjie, finally pitched the bid to CSR after the market closed on Friday, sources confirmed yesterday. However, the offer has revealed stark differences on the board, with a minority of directors resisting a trade sale. "The offer is subject to Bright Food getting the green light from the Foreign Investment Review Board, which is still evaluating the purchase," a source close to the talks said. Details of the offer for one of Australia's best-known assets -- the CSR sugar brand is one of the oldest in the country -- are expected to be disclosed when the market opens today. It is understood CSR's board of directors was informed about Bright Food Group's formal cash bid on Friday evening and was meeting yesterday to decide whether to accept or reject the offer. Start of sidebar. Skip to end of sidebar. Related Coverage Chinese eye wine assets of Foster's The Australian, 9 days ago Bright exec for CSR talks The Australian, 21 Jun 2010 FIRB delays CSR-Bright Food ruling The Australian, 26 May 2010 CSR cuts its losses Herald Sun, 12 May 2010 CSR shares surge after court ruling Adelaide Now, 23 Apr 2010 End of sidebar. Return to start of sidebar. Sources claimed the board was leaning towards acceptance, but others said a minority of directors still felt the deal might undervalue the operations. It is believed non-executive directors Rick Lee and Nick Burton-Taylor, who alongside John Story were to join the board of a demerged Sucrogen, have resisted the Bright Foods deal. They are said to believe that a separated sugar and renewable energy company could reach a value of $2bn in coming years. The board and senior management will have to justify any decision when the company holds its annual meeting on Thursday in Sydney. That will be a pivotal event for CSR's shareholders, who will want to be informed about the benefits if the company chooses to offload its sugar and renewables business to Bright Food Group. Any decision to do so must be weighed against the company's stated plans to demerge and spin off the sugar and renewable energy business into a separately listed company under the Sucrogen name, while CSR would remain listed as a building products and aluminium business. "Shareholders will demand to know what's best for them if CSR sells its sugar-renewables business to China or if it continues going down the demerger route," another industry source said. Bright Food has been pursuing CSR to sell the sugar business since the start of this year, with an initial offer of $1.5bn before making a conditional bid of $1.75bn. It has since cut its price to between $1.65bn and $1.7bn in exchange for a number of conditions being dropped. The lower price is understood to be linked to falling international sugar prices. "There are still many hurdles to be crossed, including getting approval from the Foreign Investment Review Board," the industry source said. "It is not a done deal yet." CSR is being advised by Goldman Sachs, Lazard and UBS. Bright Food has been taking advice from investment banks Rothschild and Macquarie Capital. Shanghai-based Bright Food late last month signed a three-way memorandum of understanding with the NSW government and China's biggest policy bank, China Development Bank. The parties agreed to investigate investment opportunities for Bright Food, which has flagged interest in other agribusinesses in Australia, while facilitating NSW's business development plans in China. |
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| VK4AYQ Guru Joined: 02/12/2009 Location: AustraliaPosts: 2539 |
Hi Dwyer We are fast becoming the "white trash milking cow" of China, when I was working in Singapore 10 years ago a Chinese diplomat we where working with on a project in Cambodia told me, that in 100 years China would rule Australia, as that was their agenda to secure resources and farm lands, I think they have sped up the process a bit. They are buying up as much real-estate as they can in Brisbane, and also small industry that goes into receivership with the help of the banks. All the best Bob Foolin Around |
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| dwyer Guru Joined: 19/09/2005 Location: AustraliaPosts: 574 |
Hi Bob You are correct. I am 64 years old and have been watching this in last forty years is upsetting me; that every Australian Company or business is going into receivership or is being taken over, sell off or sold to Foreign countries. , I am wonding what is going happen to Dick Smith Food rely on Aussie made produce including last Aussie made Sugar
Dwyer |
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Bryan1 Guru Joined: 22/02/2006 Location: AustraliaPosts: 1450 |
Dwyer I wouldn't worry about Smithy Dicks food as he sold out to woolworths a few years ago.... |
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| dwyer Guru Joined: 19/09/2005 Location: AustraliaPosts: 574 |
Hi Bryant Holysh*t didnt know That Smithy Dick foods sold out to woolworth selling Chinese rubbish made from electrical items, clothes, to footwear in a short life end up our local tips.  Gee what next? I give up .  |
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| VK4AYQ Guru Joined: 02/12/2009 Location: AustraliaPosts: 2539 |
Hi All It is a sad state of affairs when all companies are sold overseas and the Australian workers are just numbers in the ledger of a multinational. I am the same age as you Dwyer and worked all my life in engineering and associated industries, I have traveled the world as a consultant on projects from aquaculture to process engineering and desalination, the thing that is apparent in every country I went to was the way they protected their resources and industry from foreign ownership / and administration, sometimes to their own detriment, but they stick to their policies. In Australia the multinationals call the shots with everything, including the government, small business is persecuted out of existence by using dodgy contract systems that protect the large well healed companies with links to lobbyists to the powers that be, There isn't such a thing as justice, might and money win at all times, even if it is only by attrition. We are now in a position that will result in a complete collapse of small business outside the coffee latte tourist traps, and the successful ones of those are franchised from overseas. I personally witnessed the downfall of small engineering in the 70's and saw the people who worked there, and owned the small business establishments swallowed up by banks and government, and saw the poverty and despair of a lot of these friends of mine, as they were persecuted by ATO for the supposed profits and taxes on deemed works not completed. After loosing everything including house and family and still pursued by the system some even committed suicide. And would you believe it's worse now, my brother in law has just been sent bankrupt by this corrupt government. He had a small family business that used subcontractors to carry out work, this has been going on for a number of years, the government then changed their definition of subbies, and "deemed" that all the subbies he had over the last five years where his employees, so they billed him for the tax on their earnings, plus penalties of course, Then superannuation mob then got hold of it and said that he had to pay super for them all for the period of the "deemed" employment, then workers compensation insurance got hold of it and billed him for the "deemed" period, plus penalties of course, He was broke due to the financial downturn of the recession we didn't have, so they confiscated all his equipment even his own ute. After sending him bankrupt two weeks ago he was notified that he still owed the full amount to all the government leaches, as they didn't accept his bankruptcy as a way to satisfy their dept only corporate dept, which he didn't have anyway. They took his passport, so he couldn't get away and are now trying to confiscate his home. Who in their right mind would want to start any enterprise in Australia when you can go overseas and get support from the government to get something going, tax breaks 0% loans direct from government, work contacts that are user friendly to both sides, and this is from a country that is in worse shape than the south pacific poor house, with it's Pacific Peso, and trying to look relevant on the world scene. And to think we live in the lucky country, I think they misspelled it used the wrong first letter "". The one thing I am glad for is that, I'm now not able to work due to health problems and am now a leach on their leg. But they didn't miss me, with inflation they have now revalued my property and taken half my pension. I think they may be short of money, but as far as I am concerned they can all go to hell. The best country in the world ruined **** witted government. All the best Bob Foolin Around |
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| dwyer Guru Joined: 19/09/2005 Location: AustraliaPosts: 574 |
hi Bob and Bryan1 Well when I started to work for Astor Corporation in South Melbourne around 1965 as electronic wireman as young kid and later for PYE Commutation at Clayton and at the time I applied for an apprenticeship to be TV and Radio mechanic but was refused by Apprentice Board at RMT Collage Melbourne, because of my hearing impairment. They suggested that I go apply for carpenter trade but I refused. So ever since I have felt that discrimination by the Apprenticeship Board in the olden days they was no discrimination organization at this time. Still in my heart 48 years on that won’t go away and its very sad and also sad to watch many Australian electronic companies disappear from the face of the earth, mostly sold or bought out and later closed down by Foreign Company is Phillip Electronic, other company called Merlin resistor and first Australia coin operator electronic petrol pump using The digits of a Nixie tube.Well when I started to work for Astor Corporation in South Melbourne around 1965 as electronic wireman as young kid and later for PYE Commutation at Clayton and at the time I applied for an apprenticeship to be TV and Radio mechanic but was refused by Apprentice Board at RMT Collage Melbourne, because of my hearing impairment. They suggested that I go apply for carpenter trade but I refused. So ever since I have felt that discrimination by the Apprenticeship Board in the olden days they was no discrimination organization at this time. Still in my heart 45 years on that won’t go away and its very sad and also sad to watch many Australian electronic companies disappear from the face of the earth, mostly sold or bought out and later closed down by Foreign Company is Phillip Electronic, other company called Merlin resistor and first Australia coin operator electronic petrol pump using The digits of a Nixie tube. same company make Copacitor Dischage welding stud and I was in charge in assemblying and wireing, and testing the machine before i left the factory at 17 years old. Now the company has disappeared again and I’m still trying find out what happened to the company. I’ve had so many different jobs in my life and i remmeber in 1970 Australian Social Security had 7 unemployment looking for work. Now in 2010, over ¼ million are out of work or refuse to work and because I’ve paying tax all my life now I’m getting small disabilty pension and i still work part jobs in enignering shop to some special welding jobs at $19 a hour however if l get $30 per hour the Centrlink will take the lot so i gain nothing. And now the Lockyer Valley Council is no longer supplying free tap water used for filling containers for local rural area redisents with water tank which soon will be fitted with a coin operate machine for $2 for 500 litres of water or $4 for 1000 litres of water which is part of Anna Bligh’s selling off accest to private company anyway l have mange get free 20,000 lite of water to fill my rain water tank but cost me fuel cost and time is not so simple and l do not know how other local country people able to get water in $5 or $10 note to paid if they don’t have correct change as next town is 15 min away So i call Queensland as Backward State is one of the worst state in Australia and Anna Blight is city girl and hate outback country .so now very soon l will put up my windmill tower on my land and one day council worker will see the windmill tower will not be very happy as l don’t care ever f**k anymore along is well made is fine by me . kind regard Dwyer . The best country in the world ruined ***k witted government. Too True Bob . |
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| grub Senior Member  Joined: 27/11/2007 Location: AustraliaPosts: 169 |
That is why they disarmed the public and will censor the internet. Can't have the slaves revolting now can we? |
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| VK4AYQ Guru Joined: 02/12/2009 Location: AustraliaPosts: 2539 |
Hi Dwyer I agree fully with you the country is going to the pack, the amount of wasted money on the rural and city water grid in SE Queensland to prop up a inadequate system has brought these ridiculous water charges into play. I have 2 30,000 liter tanks connected to the shed so that keeps us going, and next year will put a 30,000 on the house as the old one rusted away after 30 years, and a bore with 200 ltr hr that is when I get the new pump into it, so water isn't such a problem. On my wife's house in Brisbane the water charges have reached $800 a year, when you multiply that by the number of houses in Brisbane it blows your mind, and still they cry poor. On top of that is another $1600 for the rates. However the increases in rates, petrol, electricity, and food prices, have reduced us to near poverty levels in the *ucky country. One day we will have air to breath tax, masquerading as a anti pollution charge along with all the other taxes tariffs and mandatory government levies and charges. Australia has now the dubious honour of being the highest taxed country in the world. And Grub has a good point there as the control of the sheepel is a very important part of the government engender. We are a free country , free to do what the government tells us that is. I also live next to the Lockyer valley and have seen the degradation of the small businesses in this area over the last 30 years. If it wasn't for the University at Gatton the place would be a ghost town. I am now working to self sufficiency on my place as when the next wave of world financial troubles hit, we will think we where lucky now. On your electrical engineering course at RMIT, maybe it would have been a waste as there isn't any Australian companies in that field to work for anymore. All the best Bob Foolin Around |
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vasi Guru Joined: 23/03/2007 Location: RomaniaPosts: 1697 |
Hobbit name: Togo Toadfoot of Frogmorton Elvish name: Mablung Miriel Beyound Arduino Lang |
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| VK4AYQ Guru Joined: 02/12/2009 Location: AustraliaPosts: 2539 |
Hi Vasi China is like a large sponge sucking up all the assets of the world, and will be so until they use up their stockpile of US dollars, then we will see some fireworks worldwide as the trade in USD weakens.
All the best Bob Foolin Around |
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