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.

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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.


Bunge will assume Cereol’s outstanding debt upon closing. Bunge intends to finance the acquisition with available cash and borrowings, the company confirmed in a press release.


Bunge has received antitrust clearance for the acquisition from the United States and Canadian antitrust authorities, the European Commission and several other countries.


Management announcement

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Bunge also announced that Carl Hausmann, chairman and CEO of Cereol, will continue in that position and will also serve as CEO of the newly created Bunge Europe. Hausmann will join the Bunge Executive Committee.


The other members of Bunge’s Executive Committee are:


Alberto Weisser – Chairman and CEO, Bunge Limited
Mario Barbosa – CEO, Bunge Fertilizantes
Drew Burke – managing director, Ingredients Division
Archie Gwathmey – managing director, Bunge Global Markets
Fernando Kfouri – managing director, Food Products Division
John Klein – CEO, Bunge North America
Raul Padilla – CEO, Bunge Argentina
Flavio Sa Carvalho – chief personnel officer
Sergio Waldrich – CEO, Bunge Alimentos
Bill Wells – chief financial officer