EXHIBIT 99.1


                 AMERICAN MAIZE-PRODUCTS COMPANY AND ERIDANIA
                     BEGHIN-SAY EXECUTIVE MERGER AGREEMENT

Stamford, Conn., July 26, 1995 -- American Maize-Products Company (ASE-AZE) 
announced today that it has entered into a definitive merger agreement with 
Eridania Beghin-Say, S.A. providing for the acquisition of American Maize by 
Eridania in a merger transaction at a purchase price of $40 per share.

In connection with the merger agreement, Eridania executed an agreement with the
stockholders of GIH Corp., which owns approximately 13% of outstanding American 
Maize Class A shares and 47% of outstanding American Maize Class B shares, to 
purchase all of the stock of GIH Corp. at a price calculated based on an 
underlying value of $40 per share of American Maize stock owned by GIH Corp. In 
addition, Eridania entered into an agreement with William Ziegler, III and the 
trustees of certain trusts for the benefit of Mr. Ziegler pursuant to which, 
immediately following the acquisition of American Maize, Eridania will sell 88% 
of the common stock of Swisher International, Inc., the tobacco business of 
American Maize, to the Ziegler group for $165 million. Eridania will retain the 
remaining 12% interest in Swisher.

These transactions are subject to a number of conditions, including, among 
others, receipt of financing by the Ziegler group for the purchase of Swisher 
and approval by American Maize shareholders of the merger.

American Maize, based in Stamford, Connecticut, produces corn sweeteners and a 
variety of specialty food and industrial starches at plants in Hammond, Indiana;
Decatur, Alabama and Dimmitt, Texas. The Company also produces cigars and 
smokeless tobacco products at plants located in Jacksonville, Florida and 
Wheeling, West Virginia.