May 16, 2019 / 7:28 AM / 9 days ago

German farmers will not back buyout of two French Suedzucker plants

HAMBURG, May 16 (Reuters) - South German sugar beet growers’ association VSZ said on Thursday it will not support plans by French farmers to make a purchase offer for two French sugar factories in the Suedzucker group which face closure.

The German association, which represents the interests of majority shareholders in Suedzucker, said it met French sugar farm association CGB on Wednesday to discuss CGB’s plan to make a purchase offer for the two threatened plants.

“The VSZ continues to support the plan by Suedzucker management to close the two French factories,” said VSZ chief executive Fred Zeller.

“The sugar industry is in a painful restructuring process. Some capacity must be removed to support the European sugar market and to achieve realistic prices and remove over-capacity.” (Reporting by Michael Hogan and Sybille de La Hamaide; editing by Jason Neely)

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