UPDATE 1-Danisco says gets final OK for sugar sale

Wed Feb 18, 2009 6:14am EST
 
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* Danisco Sugar sale gets final OK by German watchdog

* Danisco to sell Anklam plant to Cosun

* Danisco says Nordzucker wants to renegotiate price

COPENHAGEN, Feb 18 (Reuters) - Germany's Federal Cartel Office has approved the sale of Danisco's (DCO.CO) sugar arm to Germany's Nordzucker after the Danish group agreed to sell a plant in eastern Germany to Dutch peer Cosun, Danisco said on Wednesday.

"A final contact with the German authorities has been made today," Danisco spokesman Carl Johan Corneliussen said.

Danisco said the approval encompasses the sale of the sugar and bioethanol plant in Anklam to ingredients group Cosun.

But sugar refiner Nordzucker wants to amend how much it pays for Danisco's (DCO.CO) sugar unit, the Danish ingredients firm said, repeating a statement it made on Tuesday when the approval from Germany was still conditional on the sale of the plant.

"As announced yesterday, Nordzucker wishes to renegotiate the acquisition price as a consequence of the divestment of the Anklam site," Danisco said.

"We do not find this supported by the contract," it said.

In July 2008, Nordzucker, Germany's second-largest sugar refiner, agreed to buy Danisco's sugar business for about 750 million euros ($948 million) pending regulatory approval.

Danisco declined further comment on the negotiations with Nordzucker or on the price Cosun had agreed to pay for the Anklam plant. (Editing by David Cowell)

 

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