A Taste of Wellness for Savoury and Snacks
Givaudan
US oil processor Bunge yesterday has completed the share offer for the minority shares of French oil company Cereol. The company confirmed yesterday that it has acquired 97.38 per cent of the capital and voting rights of Cereol, making it the world's leading oilseed processor.
In October Bunge acquired a 55 per cent stake in Cereol from Italian energy company Edison. In accordance with French law, the company then launched a standing offer (garantie de cours) for all the outstanding shares of Cereol at an offer price of €32 per share.
Through the standing offer, which closed at the end of November, Bunge acquired a total of 10,959,499 shares, bringing its total holdings to 24,996,719 shares. The shares are held by Bunge's wholly owned subsidiary, Bunge Investments France S.A.S. In accordance with French law, because Bunge holds at least 95 per cent of the voting rights in Cereol, it has the right to launch a minority buy-out offer for the Cereol shares that remain outstanding, followed by a squeeze out of any remaining shares and the delisting of the shares.