The sugar Tereos escapes to a general meeting early

The handful of growers of sugar beet which leads from the been a open war against the sugar Tereos has suffered a defeat in the open countryside. The court of S

The sugar Tereos escapes to a general meeting early

The handful of growers of sugar beet which leads from the been a open war against the sugar Tereos has suffered a defeat in the open countryside. The court of Saint-Quentin and forced to renounce their procedure to revoke the supervisory board, made up of 21 assistants, all elected from among the 12,000 co-owners of the giant of the sugar (5 billion euros in turnover). The seven slingers, former members of the supervisory board, highly critical of the strategy of internationalisation and diversification carried out by the management board, provided since November have gathered the signature of 2500 cooperators.

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having regard to the crisis in the sugar market, all actors in the sector (Tereos included) announced that they would be in loss this year

what require the convening of a general meeting revocation within two months. The catch? They wanted to be exempt from the obligation to transmit the petition to the Company, according to them to protect the anonymity of the signatories. Las. The court has rejected on Thursday. Not only the slingers have abandoned the appeal, but they do not have the intention to send the petition to the board of supervisors...

"justice is a blow to attempts to destabilise the Company," says management co-op, who will escape the time of a general meeting early and the risk of the supervisory board revoked. The group has convened its annual general meeting for the 26th of June next. But, in the absence of a petition valid, the slingers will not have the possibility of including in the agenda a motion for revocation of the supervisory board. On the other hand, these fierce opponents of the leadership are counting on the debate on this occasion about a project opening capital to overturn the power in place. Given the crisis in the sugar market, all actors in the sector (Tereos included) have announced that they would be in loss this year. Saint-Louis has just announced the closure of two sugar factories in France. In this context, the concern of the growers of beets could confuse the general meeting of the Company.

Updated Date: 09 March 2019, 00:00

Kathleen Lees

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