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Cristal Union To Buy Vermandoise Stake
Cristal Union is acquiring a stake in its local rival Societe Vermandoise for about €1 billion.
Cristal Unionis acquiring a stake in its local rivalSociete Vermandoisefor about €1 billion,Reutersreports. The deal includes the acquisition of Delloye family’s 51 percent stake in Societe Vermandoise de Sucrerie, which has a market capitalization of €262 million, and Vermandoise’s majority holding in another sugar companySociete Sucriere de Pithiviers Le Viel(SSPLV), whose market value is €472 million.
Following the acquisition, likely to be completed in late December or January, the buyer will launch another buyout offer for the rest of Vermandoise shares and for the rest of SSPLV shares. The transaction is fully financed byCredit Agricole Nord EstandCredit Agricole Corporate and Investment Bank, a unit ofCredit Agricole.
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