CSR, a sugar and building materials producer, refuted media reports on Wednesday regarding an approach from a Japanese group for an acquisition of its Sucrogen.

"CSR confirms that it has not received such an approach," the company said in a statement.

The company reaffirmed its stance on the negotiations with the Chinese company Bright Food, as it is currently ongoing. It added that the proposal is conditional and non-binding.

Both CSR Ltd and China's Bright Food entered into an agreement and will meet this month after a sweet deal of $1.75 on sugar and renewable energy businesses were laid out on the table by the Chinese group.

CSR also agrees to open its books to Bright Food on its due diligence process to be led by financial adviser Rothschile.

Bright Food's executive officers and its associates are reported to fly down this month to Sydney to discuss with CSR and its shareholders regarding the deal. The Chinese team is also expected to hold site visits to CSR's sugar mills and refineries in Queensland.

Bright Food requested for a four to six-week due diligence process.

Conditions of the bid provided by Bright Food include values of Sucrogen at $1.75 billion, which is higher than its last bid by the same company, slated at 700 billion.

The announcement of Bright Food's interest in CRS's Sucrogen with a $1.5 billion appraisal of the sugar business today was met with positive results, with investors sending its shares to CSR to 1c or 6.04%, to $1.755 last week.

The bid came following CSR's appeal from the Federal Court that allows the company to open its doors to Sucrogen businesses aside from building products and aluminum businesses. The decision will be released later this month.