PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW
<Pioneer Sugar Mills Ltd> said it
considered the proposed 2.20 dlrs a share cash takeover offer
announced by CSR Ltd <CSRA.S> on March 31 to be too low in view
of the group*hK!UiIe and prospects.
    Pioneer recommended in a statement that shareholders retain
their stock, pending the board's response once it receives full
details of the CSR offer.
 REUTER
