Agribusiness group Bunge said this week that it will sell control of leading French cooking oil manufacturer Lesieur to French oilseed farmers.

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The farmers have joined forces to form Saipol, a joint venture with Sofiproteol, the farmers’ financial services business. Saipol will buy the business from vegetable oil producer Cereol, which was acquired by Bunge from Edison of Italy last year.

The farmers will pay €181m (US$179.6m) for the stake. As Cereol owns a 33.34% stake in Saopol, it will indirectly keep a stake in Lesieur.

The leading brand of cooking oil in France, Lesieur last year reported turnover worth €703.9m, with earnings before interest and tax reaching €31.3m.

The transaction is subject to approval by the EU competition authorities.

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