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Corporate raider targets sugar growers
9 Jan 2008
Small sugar holders are under threat as Ron Brierly's Guinness Peat company works to consolidate ownership in the industry. While growers are suffering from low sugar prices, Guinness Peat is buying stakes in all stages of the industry including mills and ports. The chief executive of Canegrowers, Ian Ballantyne, said that there hasn't been a lot of investment in the industry over the past decade so the move by Peat Guinness was "an interesting and optimistic exercise, but what their motives are no one is quit sure". At a meeting in October, the person in charge of the sugar project at Guinness Peat, Ross Burney, said that the company's vision was for a profitable, strong, and growing Australian sugar industry and that could only be achieved by running it in a transparent, accountable and commercial manner.
The Australian Financial Review, 9/1/2008
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