US agribusiness giant Bunge has announced that its French subsidiary Cereol has completed the sale of its cooking oil unit Lesieur to Saipol.

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Bunge said it received €186.3m (US$213.6m) in cash and repayment of Lesieur intercompany debt owed to Cereol. Bunge will use the net cash proceeds to reduce outstanding debt.

Saipol is an oilseed processing joint venture between Cereol and Sofiproteol, the financial institution for French oilseed producers. Cereol has a 33.34% interest in Saipol, with Sofiproteol controlling the remaining 66.66%. As a result, Bunge retains a 33.34% interest in Lesieur.

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