Bunge completes Cereol purchase

- Last updated on GMT

Following hot on the heels of last week's announcement that net
income for the first quarter is set to exceed projections,
privately owned US agribusiness Bunge said yesterday that it now
owns 100 per cent of French oil processor Cereol.

Following hot on the heels of last week's announcement that net income for the first quarter is set to exceed projections, privately owned US agribusiness Bunge said yesterday that it now owns 100 per cent of French oil processor Cereol.

In October 2002 Bunge completed the purchase of a 54.69 per cent stake in rival oilseed processor Cereol, the parent of ingredients company Central Soya, from Italian energy company Edison. At the time, Bunge confirmed that it would bid for the rest of Cereol and, in accordance with French law, the company then launched a standing offer (garantie de cours) for all the outstanding shares of Cereol at an offer price of €32 per share.

Following this move, by December 2002 Bunge had acquired 97.38 per cent of the capital and voting rights of Cereol, making it the world's leading oilseed processor.

Due to the fact that Bunge held at least 95 per cent of the voting rights in Cereol, under French law it had the right to launch a minority buy-out offer for the Cereol shares that remained outstanding, followed by a squeeze out of any remaining shares and the delisting of the shares.

The acquisition of Cereol has expanded Bunge's​ operations in key geographic regions - including Europe and North America

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