Following the purchase of Cerestar’s 56% majority stake by agribusiness giant Cargill, a public tender offer will now be filed for the remaining 44% shareholding held publicly, at €33 (US$29.1) a share.
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Commenting on the change of majority shareholder, at the Cerestar Board meeting, Pierre Moraillon said that he welcomes the share purchase: “We believe that this move will create a world leader in the starch industry and bring real advantages for our customers, re-inforcing our capacity to serve them, wherever they operate.
Moraillon added that the a new Cerestar Board will incorporate members from the Cargill group and consist of himself as president, Gabriel Hawawini (Dean of INSEAD, the well-known Business School), Guillaume Bastiaens (vice chairman of Cargill), Paul Conway and Bram Klaeijsen (executive VPs of Cargill Europe) and Robert Parmelee (president of food system design in Cargill).
“While our new corporate structure will lead to many changes during the coming months, we will ensure that our service to our customers, both in their requirements for today and their developments for tomorrow, will be unchanged or improved,” he added.
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