Australia’s Tully Sugar ownership limit lifted -shareholder

Shareholders in Tully Sugar Ltd, one of Australia’s largest remaining independent sugar millers, have voted for a proposal to lift a 20 percent ownership limit on the company on Wednesday, its largest shareholder Queensland Sugar Ltd said.

Queensland Sugar said Tully Sugar had also received an increased offer of A$42 per share from New York-listed agribusiness giant Bunge Ltd , which is vying for ownership of the Australia sugar miller with state-owned China National Cereals, Oils and Food Stuffs Corp, or Cofco, which has said it will offer A$41 per share.

Australian canegrower-owned Mackay Sugar Ltd also announced an offer for Tully Sugar on Wednesday, at A$41 per share, saying it had the backing on global commodities giant Louis

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