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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Global Bioenergies&#8217; (GBE) acquisition of Syngip in an all-share deal further strengthens the company&#8217;s third-generation processes and as such is very synergistic. Our valuation range is now &#8364;34-51 per share (from &#8364;37-56) due to the higher share count. </p>

Global Bioenergies&#8217; (GBE) acquisition of Syngip in an all-share deal further strengthens the company&#8217;s third-generation processes and as such is very synergistic. Our valuation range is now &#8364;34-51 per share (from &#8364;37-56) due to the higher share count. 

Global Bioenergies Sa

Synergistic acquisition for new markets