MIAMI, Dec 16 (Reuters) - A Florida regional water board on Tuesday approved a $1.34 billion agreement to buy more than 180,000 acres of land from U.S. Sugar Corp. but amended the contract and sent it back to the sugar company, an official said.
The South Florida Water Management District's board of directors voted 4-3 to approve the deal but changed it to include 'one more financial safeguard for the district,' district spokesman Randy Smith said.
'That puts it back in U.S. Sugar Corporation's court,' he said.
The state of Florida first announced in June that it had struck a $1.75 billion deal to buy all of U.S. Sugar Corp, one of the nation's largest privately held agriculture firms.
But in November state officials said they had scaled back the agreement and would buy only 181,000 acres of land which is considered critical to the restoration of the Everglades.
The deal would allow U.S. Sugar to keep its sugar mill refinery, citrus processing facilities, railroads, office buildings, equipment and more than 5,000 acres of land.
(Reporting by Jim Loney; Editing by Christian Wiessner)
((jim.loney@reuters.com; +1 305 810 2688; Reuters Messaging: jim.loney.reuters.com@reuters.net)) Keywords: FLORIDA SUGAR/EVERGLADES (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The South Florida Water Management District's board of directors voted 4-3 to approve the deal but changed it to include 'one more financial safeguard for the district,' district spokesman Randy Smith said.
'That puts it back in U.S. Sugar Corporation's court,' he said.
The state of Florida first announced in June that it had struck a $1.75 billion deal to buy all of U.S. Sugar Corp, one of the nation's largest privately held agriculture firms.
But in November state officials said they had scaled back the agreement and would buy only 181,000 acres of land which is considered critical to the restoration of the Everglades.
The deal would allow U.S. Sugar to keep its sugar mill refinery, citrus processing facilities, railroads, office buildings, equipment and more than 5,000 acres of land.
(Reporting by Jim Loney; Editing by Christian Wiessner)
((jim.loney@reuters.com; +1 305 810 2688; Reuters Messaging: jim.loney.reuters.com@reuters.net)) Keywords: FLORIDA SUGAR/EVERGLADES (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.