Bunge to acquire Tate & Lyle sugar trading

02 July 2008 16:23  [Source: ICIS news]

HOUSTON (ICIS news)--Bunge will acquire the international sugar trading and marketing division of Tate & Lyle, the company said on Wednesday.

Financial details were not disclosed.

“The acquisition will strengthen Bunge's position in the sugar value chain by expanding its international trading and marketing activities and by creating a stronger network for sugar origination in Brazil, Thailand and other geographies,” the agribusiness company said.

As a first stage, the operations and employees of Tate & Lyle's international sugar trading business will transfer to Bunge,” Bunge said.

The statement added: “The working capital in the business will remain with, and be collected and paid by, Tate & Lyle through March 31, 2009, at which point it will be assumed by Bunge upon final completion of the transaction.”

Bunge has already established a sugar marketing and trading operation and a sugarcane mill in Brazil, said Bunge Global Agribusiness co-CEO Archie Gwathmey.

Sugar is a key ethanol feedstock in Brazil.

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By: Brian Ford
+1 713 525 2653

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