Monday, November 17, 2008

Florida revamping plan to buy out sugar company

Back to the drawing board. The state of Florida's plan to buy out U.S. Sugar Corp for $1.75 billion to acquire the company's 187,000 acres and its assets is likely to be scaled back, according to the New York Times and other sources. In the latest version of the purchase, the state would get land to hold water and help restore the flow of water from Lake Okeechobee into the Everglades, but U.S. Sugar would remain in operation.

The details are still being worked out, but environmentalists are saying that producing sugar in the Everglades is counterproductive to Everglades restoration, and some are even saying the cost to treat the polluted water should be deducted from the final sale price.

A transaction this big is sure to take some time to figure out....

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