U.S. to appeal court loss against sugar merger

September 27, 2022, 02:53:13 AM

U.S. to appeal court loss against sugar merger

[html]WASHINGTON (Reuters) -The U.S. Justice Department said on Monday it would appeal a judge’s ruling that U.S. Sugar Corp’s plans to buy…

WASHINGTON (Reuters) -The U.S. Justice Department said on Monday it would appeal a judge’s ruling that U.S. Sugar Corp’s plans to buy rival Imperial Sugar Co was legal under antitrust law, according to a court filing.

Judge Maryellen Noreika of the U.S. District Court for Delaware had ruled for the co*panies on Friday, rejecting the government’s request that she stop the deal from going forward.

The Justice Department said in a lawsuit filed last November that the $315 million deal would give some 75% of refined sugar sales in the U.S. southeast to U.S. Sugar, owner and member of a cooperative with three other co*panies, and American Sugar Refining, which sells under the Domino brand.

Responding to Friday’s court ruling, U.S. Sugar said in a statement late Monday that it planned to consummate the transaction as quickly as possible, co*plete the deal and bring Imperial Sugar co*pany back into the American family ownership.

U.S. sugar also intends to invest in upgrading Imperial’s Savannah Refinery and operations, and plans to retain the current employees in the facility, its Chief Executive Officer Robert Buker said.

An official for U.S. Sugar, however, did not immediately respond to a Reuters request for co*ment regarding the U.S. Justice Department’s plans to appeal Friday’s ruling.

(Reporting by Diane Bartz and Anirudh Saligrama; Editing by Kim Coghill and Rashmi Aich)

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