Shareholders in Tully Sugar Ltd, one of Australia's largest remaining independent sugar millers, have voted for a proposal to scrap a 20 percent ownership limit, opening up the prospect of a new round of restructuring in the country's sugar industry. Shareholders voted on Wednesday almost unanimously in favour of lifting the ownership limit in Tully, a single mill company in the tropical north-east state of Queensland, said Queensland Sugar Ltd (QSL) chairman Alan Winney. QSL is Tully's main shareholder with a 19.9 percent stake and the vote leaves Tully open to takeover offers. State-owned China National Cereals, Oils and Food Stuffs Corp, or Cofco, and New York-listed agribusiness giant Bunge Ltd already have offers on the table, valuing Tully Sugar at more than A$127 million ($135 million).
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