COFCO, a Chinese state-owned agribusiness supplier, has made a binding offer to acquire sugar enterprise Proserpine for A$120 million (RMB 800 million).
The targeted company is located in Queensland State. It crushed about 1.76 million tons of sugarcane and produced 247,500 tons of sugar in 2007.
Wilmar International offered to acquire Proserpine in early June, winning the support of the company's board of directors.
