Vice President Ge Junjie of Bright Food Group of China finally announced its offer of $1.65 billion for Sucrogen, the renewable energy and sugar business of CSR, following several weeks of speculation.

However, the board of CSR has divulging opinions about the offer, with several directors opposing the trade sale.

"The offer is subject to Bright Food getting the green light from the Foreign Investment Review Board, which is still evaluating the purchase," a source privy to the negotiations said.

Details about the offer to one of Australia's well known assets are expected to be revealed when market opens today. CSR Sugar is one of the most solid and oldest existing brands in Australia.

According to the source, the board of directors of CSR got wind of the formal cash bid of Bright Foods Group on Friday night, and has been talking yesterday to settle whether to reject of accept the generous offer.

Sources claim that CSR's board is leaning towards the go signal, but others say several of the board members are skeptic about the deal and afraid it might undervalue company operations.

Nick Burton-Taylor and Rick Lee, non executive directors, who along with John Story were to go in with the Sucrogen demerged board, were believed to be the ones resisting the deal with Bright Foods.

Any decision the board of directors and senior management comes up with must be justified when CSR holds its yearly conference in a few days, Thursday, in Sydney.

This will be a crucial moment for the shareholders of CSR, who will want to know of the advantages if ever the company chooses to sell its renewable and sugar arm to the Bright Food Group.