Tereos says to delist unit from Sao Paulo stock exchange
PARIS Dec 4 (Reuters) - French sugar group Tereos said on Friday it is launching a tender offer for the remaining shares of its sugar cane and cereals branch Tereos Internacional in order to delist from the Sao Paulo Stock Exchange.
Tereos is proposing 65 reais per per Tereos Internacional share, a valuation that is subject to review by an independent appraiser, it said in a statement. Tereos Internacional shares closed at 22.60 reais on Thursday.
"The offer reflects Tereos' willingness to simplify the group's legal structure," it said.
"In the context of an illiquid market, the aforementioned operation will offer to the minority shareholders an immediate liquidity event should they wish to divest their shares."
Tereos currently owns 69.82 percent of Tereos Internacional, which was listed in 2010 and which encompasses the French cooperative's sugarcane, cereals and starch processing activities, including its majority stake in Guarani, a joint venture with state-owned oil major Petrobras.
Tereos Internacional has faced a severe downturn in Brazil's sugar and ethanol industry. (Reporting by Sybille de La Hamaide; Editing by James Regan)
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