Tate & Lyle Mexico is selling its 49% stake in Grupo Industrial Azucarero de Occidente to ED&F Man Holdings, owner of Man Sugar, for US$93m (£46m), subject to shareholder and competition authority approval.

Occidente operates three cane sugar mills in Mexico and Tate & Lyle’s share of its operating assets is valued at £42m.

Its share of the business’s operating profit for the year to 31 March 2007was £6m.