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AB Foods takes $147m writedown on Vivergo Fuels venture

Reuters - UK Focus

LONDON, Feb 3 (Reuters) - Associated British Foods (LSE: ABF.L - news) said it would write down the value of its investment in Vivergo Fuels Ltd by 98 million pounds ($147 million) due to falling crude oil and bioethanol prices and the further weakening of the euro against sterling.

Vivergo Fuels owns and operates one of Europe's largest bioethanol plants in England, producing motor fuel derived from plants. The company is a joint venture between AB Foods, BP and DuPont.

AB Foods, which runs discount retail chain Primark as well as sugar and agriculture businesses, said on Tuesday the 98 million pound non-cash exceptional charge would be included in its interim results for the 24 weeks to Feb. 28.

($1 = 0.6656 pounds) (Reporting by Neil Maidment; editing by Sarah Young)