FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT <Gruppo Ferruzzi> is studying a project which could result in a public share offer of up to 49 pct of its French unit <European Sugar (France)> and could raise around 400 mln dlrs, Ferruzzi chairman Raul Gardini said. Gardini told Reuters the operation under consideration was aimed at "international markets" and that the figure of 400 mln dlrs given in some press reports "was probably about right." European Sugar, wholly-owned by Ferruzzi unit Eridania Zuccherifici Nazionali SpA <ERDI.M>, is expected to absorb the European corn wet milling business of CPC International Inc <CPC.N> which Ferruzzi recently agreed to buy. Ferruzzi announced last week it had agreed in principle to buy the CPC operation for 630 mln dlrs. A Ferruzzi spokesman later confirmed that the group was studying the transfer of the CPC business to European Sugar along with a possible share offering in the Paris unit, but gave no details. The flotation plan has been interpreted by financial analysts as a means of helping finance the acquisition of the CPC business. In London yesterday, chairman of Belgian starch producer <Amylum NV> Pierre Callebaut told Reuters that since Ferruzzi was "apparently still organising finance," his company might still succeed with its rival bid for the CPC business. Gardini, commenting on Callebaut's remarks, said the 630 mln dlrs agreed for the CPC acquisition would be paid "at the date foreseen in the preliminary contract." Gardini could not reveal the date in question nor give any indication of the likely timing of an offering of shares in European Sugar, but it was announced last week that Ferruzzi's purchase of the CPC business was expected to be completed by September 30. Callebaut said yesterday that Amylum was surprised and disappointed that its 675 mln dlr bid cash offer for CPC's European business was apparently rejected in favour of Ferruzzi's lower bid. Gardini, commenting on Callebaut's remarks, said "Amylum should know that one succeeds in a bid by making the right offer at the right moment - exactly as Ferruzzi did in the case of the acquisition of CPC's European business." Gardini said it was not Callebaut's business to concern himself with the European Sugar capital raising operation under study, he added. Asked about press reports that Ferruzzi might follow up the European Sugar flotation with the sale of 49 pct of the CPC business, Gardini said: "We do not exclude having minority partners in the CPC business." He declined to elaborate.