Tereos has pulled out of the race to acquire Danisco's sugar business, the French company said in a statement today (20 June).

Saying that it would look at alternative acquisitions, Tereos said: "After careful consideration of the Danisco Sugar case, Tereos reached the conclusion that too many uncertainties were attached to the bid process.

"Tereos will pursue the group's ambition to consolidate its global leadership position and will continue to evaluate the alternative assets that are up for sale," it said.

The move sees Germany's Nordzucker remain as the only contender left in the bidding process.