Italian power company Edison is in exclusive talks with agribusiness and food company Bunge to sell its 55 per cent interest in French cooking oil company Cereol, the two companies announced in separate statements this week.
Edison, a newly created company composed of Edison, Sondel, Fiat Energia and Montedison, has given Bunge an exclusive right, valid for several weeks, to negotiate the purchase of Edison's interest in Cereol. Edison claims that Cereol is a co-leader in the European market for processed oilseed products, with a 20 per cent share, and that it is the largest producer of packaged vegetable oils in Europe. It is also said to be the top oilseed processor in the Northeastern United States and Canada and a leader in the production of highly processed proteins and lecithins.
Earlier this month, Edison announced its intention to sell its 53.8 per cent stake in French sugar producer Beghin-Say to a consortium of French sugar growers in a deal worth about €550 million.