Singapore’s Wilmar International (WLIL.SI) on Monday struck a surprise deal to buy Australian conglomerate CSR Ltd’s sugar business for A$1.75 billion (US$2.1 billion), trumping China’s Bright Food Group.

Shares in CSR (CSR.AX), the world’s fifth-largest sugar-refiner, climbed more than 4% after CSR announced it had agreed to sell the sugar arm to Wilmar, the world’s largest listed palm oil producer.

Bright Food, which has been chasing CSR since January, was not expected to come back with a higher offer, according to two sources close to the transaction. CSR had also held talks with several other interested bidders, they said.

“The deal is done, there is no real opportunity for them (Bright Food) to come back to raise their offer,” one of the sources said.