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European regulators approve Bunge-Cereol deal (Tuesday, Sept. 24, 2002 -- CropChoice news) -- The European Union Commission last week approved the plan of Bunge Ltd. to purchase 55 percent of its French competitor Cereol. The deal, which already has the approval of U.S. anti-trust regulators, will create the world's largest oilseed processor.
Bunge officials see the EUR450 million deal helping them to expand in Europe.
In its next step, Bunge plans to buy the remaining 45 percent of Cereol that is publicly traded and will assume Cereol's debt, making the total acquisition price EUR820 million.
Cereol is a subsidiary of Italian energy company Edison SpA (I.ED), which wants to shed Cereol so that it can focus on its core energy business.
Bunge and Cereol buy and process soybeans, oilseeds and other grains such as wheat and corn used to make margarine, flour, cooking oils and animal feed.
Source: Dow Jones | |
