Saint Louis Sucre to buy three Beghin-Say plants
buy three plants belonging to rival Beghin-Say.
France's second-largest sugar maker, Saint Louis Sucre, wants to buy three plants belonging to rival Beghin-Say, reports Reuters.
French magazine, La France agricole, said Saint Louis Sucre had notified journalists during a news conference last week that it would present a joint bid with other players in the French sugar market for the French assets of Beghin-Say.
The involvement of Saint Louis Sucre in the bidding for Beghin-Say points to further consolidation in the EU sugar sector- particularly because it itself is being acquired by German sugar company Suedzucker.
Officials at Saint Louis Sucre were not immediately available to comment on the report from the news conference, which was open only to French farm trade publications.
Beghin-Say is one of four separately traded companies resulting from the break-up of food processor Eridania Beghin-Say. Italy's Montedison holds a 54 per cent stake in each of the four and has been trying to sell its stakes.
La France agricole reported that Saint Louis Sucre officials said they planned to join with French cooperatives Cristal Union and SDHF and privately owned sugar firm Societe Vermontoise Industries to buy the French assets of Beghin-Say.
"We are four to team up to acquire the French assets of the sugar maker," Frederic Rostand, President of Saint Louis Sucre, was quoted as saying.
Saint Louis Sucre said it specifically wanted to buy the company's sugar processing plants in Chevrieres, Villenoy and Connantre - three out of Beghin-Say's nine French plants.
But these three plants are also being eyed by French sugar cooperative Union SDA, which said last month that it would join with French sugar beet growers to bid for five Beghin-Say sites in France.
