US agribusiness giant Bunge has announced that it has completed its takeover of French vegetable oil maker Cereol, and that Cereol has been delisted from the European stock exchange Euronext Paris.
Bunge acquired a 55% stake in Cereol from Edison on 15 October 2002 for €449m (US$484.6m). In accordance with French law, the company then launched on 8 November a standing offer (garantie de cours) for all outstanding shares of Cereol for €32 each, reported Reuters.
Through the standing offer, which closed on 28 November, Bunge acquired additional shares, bringing its total holdings to 97.38% of the capital and voting rights of Cereol.
As permitted by French law, because Bunge had acquired more than 95% of the voting rights in Cereol, Bunge launched a minority buyout offer for the Cereol shares that remained outstanding, followed by the squeeze out of any remaining shares and the delisting of the shares.
The acquisition of Cereol makes Bunge the world’s leading oilseed processor and Bunge says the takeover has expanded the company’s operations in key geographic regions, including Europe and North America, and added new offerings to its product portfolio.