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UPDATE 2-French ethanol firm Tereos to list in Brazil in June
* Move comes after deal with oil giant Petrobras (PETR4.SA)
* Listed company to include Guarani stake ACGU3.SA
* Guarani shareholders offered Tereos stock
* Paris listing to follow, date not fixed
(Adds details, quotes, background)
By Sybille de La Hamaide
PARIS, May 3 (Reuters) - French sugar and ethanol maker Tereos, which on Friday won a biofuel deal with Brazilian state-run oil company Petrobras (PETR4.SA) worth nearly $1 billion, plans to list on the Sao Paulo stock exchange in June.
The company said in March it would spin off major assets -- most of its non-sugarbeet business -- in a new company called Tereos Internacional that would list both in Sao Paulo and Paris but had not given further details.
"In late June Tereos Internacional will be listed in Brazil," senior executive Alexis Duval said on a conference call on Monday from the Latin American country where Tereos has one of its key units, Acucar Guarani ACGU3.SA. Under the plan Acucar Guarani is to be taken over by Tereos Internacional.
A Paris listing will follow but the date has not been finalised, he said.
Tereos is offering shareholders in Acucar Guarani shares in Tereos Internacional in exchange for their shares, Duval said.
"At the end of this operation, at the end of June, Guarani won't be a listed company anymore. There will only be two shareholders, Tereos Internacional and Petrobras," he said.
Guarani shares were up 6.3 percent at 5.05 reais by 1548 GMT. They had already jumped over 12 percent on Friday.
PARIS LISTING TO FOLLOW, NO DATE
Acucar Guarani, one of Brazil's largest sugar and ethanol groups, and Petrobras announced on Friday the Brazilian oil giant would invest 1.6 billion reais ($920 million) in Guarani to expand in biofuels production. [ID:nN30204063]
Duval said the deal would allow Petrobras to take a maximum stake of 45.7 percent in Guarani so that Tereos Internacional would keep a majority share of the company.
After the listing in Sao Paulo and the exchange of shares with Guarani stockholders, Tereos Internacional intends to proceed with the listing in Paris and raise capital in Brazil, Duval said.
This could be as soon as this summer but no date has been set as it would be subject to market conditions, he added.
"At the end of this second phase, Tereos Internacional will have a double listing in Paris and in Brazil, with some 100 percent-owned grain activities in Europe, sugar cane business in La Reunion and a majority stake in a company in which we have a partnership with Petrobras in Brazil," Duval said.
Headquartered in Lille in northern France, Tereos is a cooperative of 12,000 French farmers. It was born from the merger of Beghin-Say and beet sugar cooperative Union SDA.
The grower-owned group is now the largest European sugar maker after Germany's Suedzucker and Nordzucker, the number one ethanol producer and the third starch-glucose maker. (Editing by James Regan, Greg Mahlich)
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