French clinch deal for Beghin-Say - Company News - consortium of sugar cooperatives acquire sugar company - Brief Article

Eurofood, Nov 7, 2002

A consortium of French sugar cooperatives, including Union SDA and Union BS, have finally clinched a deal to acquire French sugar giant Beghin-Say from Italian group Edison.

A deal to acquire Edison's 53.8% controlling stake in Beghin-Say had been agreed in essence sometime ago, but the French concern's share price fluctuated and the process was drawn out. The original deal was for 40 [euro] a share, but under the new agreement, the consortium will pay 37 [euro] a share, which values the firm at 950m [euro].

The deal marks the final chapter of the carve up of former Franco-Italian food processing group Eridania Beghin-Say, sparked by Italenergia's (owned by Fiat) acquisition of Montedison, now known as Edison.

The break up of the Franco-Italian group also saw Cerestar sold to Cargill, Cereol sold to Bunge, and Eridania sold to Sacofin.