In France, Bunge and Sofiproteol have at last agreed to pull out of their JV in three of their five biodiesel plants in Europe. The Belgian company Oleon Biodiesel, which was a 100%-held subsidiary of the JV, will now be owned directly by Diester Industrie. It is also selling to the Bunge Group its two units based at Bunge’s seed crushing sites: one in Austria, in Bruck an der Leitha (Novaol Austria), which serves a market that has few links with other Sofiprotéol activities, and the other in Mannheim, Germany (MBF). The DII joint venture will continue to own 100% of its Italian subsidiary Novaol Srl, and 50% of the German company NEW. DII’s biodiesel production capacity will therefore be reduced from 1 million tons to 700,000 tons after these adjustments have been made.
More background on the story from the Digest