Bunge acquisition go-ahead

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Related tags: Bunge, United states

Bunge has said that it has received early termination of the
waiting period relating to its proposed acquisition of a
controlling stake in Cereol.

Bunge has said that it has received early termination of the waiting period relating to its proposed acquisition of a controlling stake in Cereol.

Bunge signed a definitive agreement to acquire the 55 per cent controlling stake in Cereol, a leading oilseed processor, from Edison for €32 per share, or approximately €449.2 million in cash on 22 July 2002.

As required by French law, Bunge intends to make an offer to purchase, at the same price per share, the 45 per cent of Cereol shares that will remain publicly held after the closing of the purchase of the Edison shares.

The transaction, which is now expected to close in 2002, is also subject to regulatory approval in the European Union.

Bunge is currently in the process of seeking approval for the acquisition from the European Union antitrust authorities.

Bunge is an integrated, global agribusiness and food company operating in the farm-to-consumer food chain with primary operations in North and South America and worldwide distribution capabilities. Headquartered in White Plains, New York, Bunge has over 18,000 employees and operations in 21 countries.

Cereol, which is based in France and has operations in North America and Europe, is a leader in the processing of oilseeds, principally soybeans, rapeseed, canola and sunflower seed, and in the manufacturing, distribution and sale of food oils.

Related topics: Processing & Packaging

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