News Published on 19 Oct, 2009
Savola wants Tate & Lyle sugar refineries
Filed by Shaun Weston
Saudi-based Savola Group is in talks to buy British sugar refiner and sweetener group Tate & Lyle Plc’s stakes in sugar refineries in Egypt and Saudi Arabia, according to a Savola executive.
The talks are about Tate & Lyle’s 10% stake in a 1.2 million tonnes per year sugar refinery in Saudi Arabia and a 3% stake in a 750,000 tonnes per year sugar refinery in Egypt, according to the executive, who asked not to be named.
“We are in talks with Tate & Lyle and we hope to close a deal by mid-January,” he said. “Tate & Lyle wants to sell because they are disengaging from sugar refining and focusing on sweeteners, ethanol and starches. We are interested because it suits our strategy of buying minority interests from willing partners in firms where we are the majority owners.
“We don’t have anything to lose. We are grateful for the transfer of know-how that Tate & Lyle have brought with them.”
Source: Reuters