The U.S. Justice Department said that 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 as per court filing.
Judge Maryellen Noreika of the U.S. District Court for Delaware had ruled for the companies 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 3 other companies, and American Sugar Refining.
Replying to Friday’s court ruling, U.S. Sugar said in a statement late Monday that it planned to consummate the transaction as soon as possible, complete the deal and bring Imperial Sugar Company back into the American family ownership.
U.S. sugar also aims to invest in upgrading Imperial’s Savannah Refinery and operations, and plans to retain the current employees in the facility.
An official for U.S. Sugar, not yet respond to a Reuters request for comment concerning the U.S. Justice Department’s plans to appeal Friday’s ruling.