Cargill sets eyes on remaining Cerestar shares
44 per cent shareholding in French starch company Cerestar.
US agribusiness company Cargill is looking to acquire the remaining 44 per cent shareholding in French starch company Cerestar. The company announced on Thursday that, following US regulatory approval, it had completed the purchase of Italian company Montedison's 56 per cent shareholding in Cerestar and was set to file a public tender offer to acquire the remaining shares.
Commenting on the Cargill move Cerestar chairman Pierre Moraillon said :"We believe that this move will create a world leader in the starch industry and bring real advantages for our customers, reinforcing our capacity to serve them, wherever they operate."
"We look forward to applying our joint strengths to developing more successfully in the starch business than either of us could have done alone," he continued.
As a result of the Cargill investment the Board at Cerestar looks set for a shake up. "The new Cerestar Board comprises myself as President, Gabriel Hawawini (Dean of INSEAD), Guillaume Bastiaens (Vice Chairman of Cargill), Paul Conway and Bram Klaeijsen (Executive Vice Presidents of Cargill Europe) and Robert Parmelee (President of Food System Design in Cargill)," added Moraillon.
