The Nature Conservancy has closed a $133.5-million deal for 50,000 acres of sugarcane to be included in the Everglades restoration effort, Reuters reports.

The deal - made with the Talisman Sugar division of the St. Joe Company - has strings attached, however. The purchase money has been placed in escrow pending a lawsuit filed by Florida sugar cane growers hoping to stop the deal, Reuters reports.

A Jan. 22 hearing is set for the lawsuit.

Under the terms of the purchase, Talisman will farm the land until 2003. Nature Conservancy officials hope to hand over the land to the U.S. Department of Interior, which controls the Everglades park region, Reuters reports.

St. Joe is a Jacksonville, Fla. based real estate development company. The Florida chapter of the nonprofit Nature Conservancy has secured protection of more than 700,000 acres in that state since 1961.

The organization's Maine chapter last week announced the purchase of 185,000 acres worth $35.1 million from International Paper Co.

Full text of the article is currently found at:
http://biz.yahoo.com/rf/981218/5r.html