American Maize shareholders approve merger with Eridania Beghin-Say unit; transaction is completed.

STAMFORD, Conn.--(BUSINESS WIRE)--November 6, 1995--American Maize-Products Company announced that at a special meeting held today its shareholders approved the merger of American Maize with a unit of Cerestar, a subsidiary of Eridania Beghin-Say engaged in the production of starches and starch derivatives, and that the merger has been completed. Under the terms of the merger agreement, Eridania Beghin-Say will pay $40 per share for all the outstanding Class A and Class B shares of American Maize common stock.

Immediately following completion of the transaction, Eridania Beghin-Say effected the sale of 88% of American Maize's Swisher International tobacco business to an investor group led by William Ziegler, III for $165 million. Eridania Beghin-Say will retain the remaining 12% interest in Swisher.

Patric J. McLaughlin, president and chief executive officer of American Maize, will maintain his position as president and chief executive officer of the company, which will continue to operate as a separate unit within Cerestar. Silvio Kluzer, chairman of Cerestar, will become chairman of American Maize.

Eridania Beghin-Say, based in Paris, is one of the leading agro-industrial companies in the world, engaged in the production of sugar and its derivatives, starch and its derivatives, oilseed crushing and refining, animal feed production, and consumer products, principally oils and spices.

American Maize produces corn sweeteners and a variety of specialty food and industrial starches at plants in Hammond, Indiana; Decatur, Alabama and Dimmitt, Texas. Swisher International produces cigars and smokeless tobacco products and plants in Jacksonville, Florida and Wheeling, West Virginia.

CONTACT: American Maize-Products Company, Stamford

Edward P. Norris, 203/356-9000

or

For Eridania Beghin-Say:

Kekst & Company

David Kronfeld, 212/593-2655