Sugar group Tereos puts listing back to end-July

PARIS, July 8 (BestGrowthStock) – France’s Tereos, Europe’s
second-biggest sugar maker, said its international arm would
list in Sao Paulo on July 29, a month behind schedule, and said
higher margins had helped it swing to a first-half profit.

The listing of its Brazilian branch Acucar Guarani
(ACGU3.SA: ), its European grain and starch businesses and sugar
cane assets in the Indian Ocean under a new single subsidiary,
Tereos Internacional, was first announced in March.
[ID:nLDE62S11D] [ID:nLDE6421G3]

However, it could only take place a month after Guarani
shareholders approved the merger with Tereos Internacional, and
that could not happen until a month after an independent report
on the parity of the merger exchange terms.

Tereos, a cooperative of 12,000 French farmers born from the
merger of Beghin-Say and beet sugar cooperative Union SDA, is
second only to Germany’s Suedzucker and Nordzucker in sugar
production.

The group is also the region’s number one ethanol producer,
the third-biggest starch-glucose maker and the biggest
beneficiary of European Union subsidies under the block’s farm
policy framework.

News of the listing followed the group’s interim report that
showed earnings before interest, tax, depreciation and
amortisation (EBITDA) rose to 292.6 million euros ($368.6
million) from 193.9 million euros at the same time last year.

Higher margins in its European sugar business, a drop in
energy costs and a peak in global sugar prices at the start of
2010, helped bolster the company’s operating performance.

Tereos also reported a net profit of 118.9 million euros
against a net loss of 29.8 million in the first half of last
year as lower interest rates helped reduce financial charges.
($1=.7939 Euro)
(Editing by Simon Jessop)

Sugar group Tereos puts listing back to end-July