Britain’s Associated British Foods Plc finalised on 15 Dec. the acquisition of the sugar arm of Spain’s Ebro Puleva in a deal worth 385 million euros (about USD 518.4 million). Competition authorities are still to approve the transaction, which is expected to be completed by early 2009.
Azucarera Ebro S.L. supplies half of the 1.6 million tonnes of sugar consumed in the Iberian peninsula. A tentative agreement on the acquisition was reached last 20 November, after Ebro put its sugar business up for sale last May.
British Sugar, wholly-owned subsidiary of ABF, is reckoned as the world’s second largest sugar producer with concerns in the UK, China, Poland, and Africa (through the corporate linkages to Illovo Sugar). ABF said that Azucarera Ebro has some of Europe’s most efficient beet growers and will ‘permanently renounce’ to half its historic sugar quota starting next October, and will continue production at four fewer plants.
UK-Spain: ABF Acquires Azucarera Ebro for EU385 Million
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