CHINA'S pitch for CSR's sugar and renewable energy assets has thrown the spotlight back on a growing trend towards foreign companies buying Australian food and drinks companies.
The $1.5 billion offer by China's Bright Food Group comes just weeks after Sumitomo Chemical's offer to become a cornerstone investor in agri-chemicals company Nufarm, which dumped a lower offer for the entire company by Chinese firm Sinochem.
However, The Australian Financial Review reports it is not only Chinese firms that are sweet on Australia's agri-assets - Dubai-based consumer food group IFFCO, the world's largest producer of halal buffalo meat, snapped up a 20 per cent stake in Australia's biggest cattle producer Australian Agricultural Company in April from Elders.
Singapore's Olam International bought Queensland Cotton Holdings in 2007. Last September, it purchased Timbercorp's almond assets for $128 million.
Goodman Fielder sold its edible oils and fats business to US-based Cargill last year, and Philippines-based San Miguel acquired National Foods in 2005 before selling the business to Japan's Kirin in 2007. San Miguel also acquired Berri in 2005.
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