FRANCE/USA: Bunge completes acquisition of Cereol, names CEO
US agribusiness and food company Bunge has completed its acquisition of a 55% stake in France-based food and oilseed processor Cereol from Edison for €449.2m (US$440.3m) in cash. As required by French law, Bunge intends to make an offer to purchase, at the same price of €32 per share, the approximately 45% of Cereol shares that remain publicly held. Assuming 100% of the outstanding shares are purchased as part of this process, the total price paid by Bunge for Cereol's equity will be €821.4m. In addition, Bunge may pay up to an additional €3 per share to Edison and Cereol shareholders upon the resolution of a pending arbitration against Cereol. Bunge has also agreed to pay an additional €14m to Edison in exchange for a non-compete agreement.
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