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Tereos to spin off key assets in market listings
Tuesday, 30 March. 2010



Europe's third-largest sugar maker, Tereos, said it planned to regroup key sugar, starch and ethanol businesses in France and abroad and spin them off in a new company to be listed in Paris and Sao Paulo.Tereos said on Monday it would merge its listed Brazilian branch Acucar Guarani SA (ACGU3.SA), its European grain and starch businesses and sugar cane assets in the Indian Ocean under a new single subsidiary named Tereos Internacional.

"What will be listed represents around two thirds of our current assets," chief executive Philippe Duval told Reuters.Only Tereos's original activities of sugar beet processing in Europe would stay within the parent company, he said."We want to benefit from the consolidation taking place in Brazil and develop in the starch sector," Duval said.The new entity will have proforma annual sales of $2.5 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of $366 million, Tereos said.
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