U.S. agribusiness Bunge Ltd. is near a deal to acquire Glencore Plc-backed Viterra, people familiar with the matter said, creating a giant capable of competing with the world’s biggest agricultural players.
Bunge shareholders would hold a significant majority in the deal, which is expected to be announced as early as Monday or Tuesday, said people familiar with the matter, who asked not to be identified because the information is private. Roughly 70 per cent of the payment would be made in Bunge stock, according to one of the people.
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. The merger will offer a way for Glencore CEO Gary Nagle to unlock value from the company’s 49.99 per cent stake in Viterra, which has limited synergies with its wider metals, mining and trading operations.
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