Illovo enters Tongaat fray
AB Foods says it wants to buy the Mozambican assets
The race to rescue embattled sugar group Tongaat Hulett, on which more than 25,000 people rely for their livelihoods, is intensifying as the owner of Illovo has stepped into the bidding fray.
Associated British Foods (AB Foods), which owns Illovo Sugar Africa, confirmed it has put in a bid for Tongaat Hulett's Mozambique operations, while the preferred bidder, Kagera, has yet to raise finance to buy the whole business and losing bidder Terris Consortium has resubmitted its bid. ..
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