Biosev and Louis Dreyfus to delay IPO trading
It has been announced by French agriculture company Louis Dreyfus Commodities that it is to delay the trading debut of its Brazilian sugar, ethanol and bioenergy unit Biosev.
A meeting by the Biosev board of directors decided the market was too ‘uncertain’ after a meeting held on 18 July.
‘The uncertainties on the financial market are the reasons for delaying the trading debut in the new market,’ revealed a statement, with Biosev president Kenneth Gold confident that ‘when the economic picture improves, there will be new opportunities to launch our IPO’.
Biosev has 13 facilities across 330,000 hectares of land in Brazil and currently employs over 20,000 people, making it the second largest sugar, ethanol and bioenergy company in the world.