U.S. agribusiness Bunge agreed to buy Glencore Plc-backed Viterra for US$8.2 billion in stock and cash, creating a trading giant capable of competing with the world's biggest agricultural players.
U.S. agribusiness Bunge Ltd. agreed to buy Glencore Plc-backed Viterra for US$8.2 billion in stock and cash,Viterra shareholders will eventually own about 30 per cent of the combined business after the transaction, the companies said in a joint statement. Roughly 75 per cent of the payment would be made in Bunge stock, and another 25 per cent, or US$2 billion, in cash. The deal was unanimously approved by the boards of Bunge and Viterra.
Bunge will assume US$9.8 billion of Viterra debt. It also plans to repurchase US$2 billion of its own stock. After the buyback, Viterra shareholders will own 33 per cent of the merged company. For most of its existence, Bunge was primarily a crop merchant. Its expansion to the Americas saw it become the B in the storied ABCD quartet of trading houses that dominated agricultural markets, which also includes Louis-Dreyfus Co.
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