Singapore’s Wilmar International (WLIL.SI), the world’s largest palm oil firm, said on Monday that Australia’s Foreign Investment Review Board has approved its US$1.5 billion ($1.93 billion) purchase of Sucrogen from CSR (CSR.AX). 

Australian Treasurer Wayne Swan announced the approval of the deal, it said in a disclosure to the Singapore Stock Exchange.

The transaction remains subject to approval from New Zealand’s Overseas Investment Office, Wilmar said.

 

Wilmar said in a separate announcement that it has increased a planned syndicated term loan facility to US$1.3 billion from US$1.1 billion to partly accomodate over-subscription by banks. The loan is to help fund the Sucrogen purchase.

 

Sucrogen is the world’s second largest exporter of raw sugar and Australia’s top maker of sugar-based ethanol.