EU: Cerestar welcomes EU approval of acquisition by Cargill
Cerestar has welcomed the European Commission decision to give clearance to Cargill's intended acquisition of Montedison's 56% shareholding in Cerestar.
The EC decision, announced on Monday, gives final clearance in respect of operations and sales in Continental Europe but provides for an investigation by authorities in the UK into possible impact the acquisition might have on the supply of glucose syrups and blends in the UK.
Consequently, if, as is expected, a positive decision on the acquisition is reached by the US Department of Justice, Cargill will purchase Montedison's shares and file a public tender offer for the remaining 44% of Cerestar shares at €33 (US$29.22) per share.
The board and management of Cerestar see this decision as a very positive step on the way to completion of the acquisition.
CEO Pierre Moraillon, revealed that he believes the combination of the two businesses will be for the benefit of all involved and result in a stronger, better balanced company able to excel in satisfying customers' requirements throughout the world.
In respect of this decision from the European Commission, Moraillon said that Cerestar will continue to cooperate fully with the UK Regulatory Authorities on the competition review, related to the product range cited above, making every effort to facilitate their decision.
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