US appeals court loss against sugar merger

US appeals court loss against sugar merger

WASHINGTON (Reuters) – The U.S. Department of Justice said on Monday it will appeal a judge’s ruling that the U.S. sugar company’s plans to buy rival Imperial Sugar were legal under antitrust law, according to one of the lawsuits.

U.S. District Judge Marilyn Norica of Delaware ruled against the companies on Friday, rejecting the government’s request to stop the deal from moving forward.

Asked about the government’s indication that it would appeal, US Sugar said: “We look forward to closing this acquisition expeditiously as planned.”

The Department of Justice said in a lawsuit filed last November that the $315 million deal would give 75% of refined sugar sales in the southeastern United States to Sugar Company, which owns and is a member of a cooperative with three other companies, and American Sugar Refining, which sells its products. under the Domino brand.

The company said late Monday that it plans to complete the deal as soon as possible.

CEO Robert Booker said American Sugar also plans to invest in modernizing Imperial’s Savannah refinery and operations, and plans to retain existing employees at the facility.

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