After months of deliberation and cogitation, Orgny-Naples, a consortium of beet growers' co-operatives, on Friday said it had finally reached an agreement with Edison to acquire the Italian energy company's 53.8 per cent stake in French sugar maker Beghin-Say.
The purchase values the entire company at €950 million. The two companies agreed that the consortium will take steps to purchase the remaining shares in Beghin-Say.
The consortium had initially proposed to buy Edison's 53.8 per cent stake in France's leading sugar producer at 40 euros a share, but the share has recently slipped, closing up slightly at €37.30 on Thursday.
Beghin-Say was one of four food groups to emerge from the carve-up of Italian food processor Eridania Beghin-Say, placed on the market when its previous owner, Montedison, was bought by Fiat-led Italenergia. In 2001 Beghin-Say had a turnover of €1.8 billion.