CSR BIDS 2.20 DLRS A SHARE FOR PIONEER SUGAR MILLS
  CSR Ltd <CSRA.S> said it will offer 2.20
  dlrs cash each for the shares it does not already hold in
  <Pioneer Sugar Mills Ltd>.
      CSR already holds 31.74 pct of Pioneer's 99.80 mln issued
  shares, it said in a statement.
      The offer price values the entire Pioneer Sugar share
  capital at 219.6 mln dlrs and compares with today's closing
  market level of 1.85 dlrs a share.
      CSR said it will announce further details of the offer
  soon, including an alternative offer of CSR shares for Pioneer
  Sugar stock.
      It said the offer is generous since it will give Pioneer
  Sugar shareholders a price equivalent to 29 times Pioneer's net
  earnings last financial year and a premium of 22 pct over
  yesterday's market price which CSR said it believed already
  contained an element of takeover speculation.
      It also gives a premium of 91 pct over Pioneer's last
  reported net tangible assets per share, CSR said.
      CSR said the generous offer price reflects the cost savings
  which will flow from integrated management of CSR's and
  Pioneer's raw sugar mills and building materials businesses.
      These economies can only be achieved through CSR control
  and management of Pioneer Sugar, it added.
      The takeover announcement came soon after CSR's earlier
  reported statement that it will sell its <Delhi Petroleum Pty
  Ltd> unit to an Exxon Corp <XON> unit for 985 mln dlrs and not
  proceed with the previously announced float of part of Delhi.