Australia's CSR to spin off sugar business

MELBOURNE, June 17 (Reuters) - Australian building materials and sugar conglomerate CSR Ltd (CSR.AX) plans to spin off its sugar business, Australia's biggest, into a separate listed company to boost value to shareholders.

CSR said on Wednesday the sugar company would include a renewable energy business, while the remaining company would hold its building products, aluminium and property businesses.

The move comes after years of speculation that the company should be split up.

CSR shares closed on Tuesday at A$1.50, valuing the whole group at A$1.9 billion ($1.51 billion). (Reporting by Sonali Paul)