A $A115 million bid was made on Friday by a Singapore company for the Proserpine sugar mill in north Queensland.
Sucrogen already owns and operates seven sugar mills in Queensland producing almost half of Australia's raw sugar supply.
The ABC reports the offer is subject to approval by shareholders and federal government regulators.
The purchase will increase Sucrogen's milling capacity to 17 million tonnes and its total raw sugar production by 10%.
Chief executive Ian Glasson says the company expects to take control of the mill by late August.