FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT
Gruppo Ferruzzi is studying a
project which could result in a public share offer of up to 49
pct of its French unit European Sugar (France) and could raise
around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
    Gardini told Reuters the operation under consideration was
aimed at "international markets" and that the figure of 400 mln
dlrs given in some press reports "was probably about right."
    European Sugar, wholly-owned by Ferruzzi unit Eridania
Zuccherifici Nazionali SpA, is expected to absorb the European
corn wet milling business of CPC International Inc which
Ferruzzi recently agreed to buy.
    Ferruzzi announced last week it had agreed in principle to
buy the CPC operation for 630 mln dlrs.
    A Ferruzzi spokesman later confirmed that the group was
studying the transfer of the CPC business to European Sugar
along with a possible share offering in the Paris unit, but
gave no details.
    The flotation plan has been interpreted by financial
analysts as a means of helping finance the acquisition of the
CPC business.
 Reuter
