Bunge's merger with Viterra stalled by US-China trade tensions, Bloomberg reports
May 2 (Reuters) - Bunge Global's (BG.N), opens new tab $34 billion merger with Glencore-backed (GLEN.L), opens new tab Viterra is being stalled by trade tensions between the U.S. and China, Bloomberg News reported on Friday, citing people familiar with the matter.
"We are in the final stage of regulatory approval. We express our continued gratitude for the constructive dialogue with Chinese government officials throughout the regulatory review process," Bunge said in a statement.
The merger was first announced in 2023. If finalized, it will create a global crops trading and processing giant closer in scale to chief rivals Archer-Daniels-Midland (ADM.N), opens new tab and Cargill �t;CARG.UL�ࢀt;.
Regulatory approval in China is among the last remaining obstacles to closing the deal.
Bunge executives and advisers are growing increasingly concerned that the political rift between the two countries will hold up the process further, according to the report.
Bunge CEO Greg Heckman traveled to China a number of times for talks with the authorities, the Bloomberg report said.
Viterra did not immediately respond to a Reuters request for comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
41 minutes ago
- Scottish Sun
New Tesla Model Y is a more chiselled, quieter version of mega-seller… it moves the game on for a tech-rich family motor
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) I'M struggling to keep up with Elon Musk and his on/ off bromance with Donald Trump. Are they buddies again? 6 The world's best-selling car was fugly… but two years on, it's had a sharp new makeover Credit: simon thompson 6 The cabin gets a techy glow-up with the gear selector shifted to the screen - and wraparound LEDs Credit: simon thompson 6 The new Model Y shines alongside its less attractive predecessor Credit: simon thompson Or still kicking lumps out of each other on X? One thing I do know is that Tesla sales are down eight per cent in Great Britainland. Some say it's because Musk backed Trump for President, followed by that awkward hand gesture at the inauguration. Some say it's the Chinese invasion. Maybe in part. But mostly it's due to Tesla halting production of the mega-selling Model Y at its Berlin gigafactory to tool up for the new one. Now everything is sorted and sales are likely to take off like a Space X rocket. Here are ten things you need to know about the new motor. 1. The old one was fugly. The world's best-selling car two years on the bounce, yes. But still fugly. That's sorted now. This new one is more chiselled. First glimpse at limited edition EV hitting UK in just weeks with slick new look It's like they've taken a photo of the Cybertruck to a surgeon and gone, 'This please'. The lower nose helps it slice through the air, adding a bit more range. 2. They've deleted the Tesla badge from the bonnet. Confident move. 3. But the biggest change is at the back. There's a new reflective lightbar which highlights T E S L A written out in full. Also, the rear diffuser sticks out more. So repair bills will be lower if you reverse into something you shouldn't. Which helps with insurance too. 4. The 'frunk' — front trunk — now has a plughole in it. So you can fill it with ice for summer barbecues. Or store muddy boots. 5. Cabin. The gear selector has moved to the big screen — like a Model 3. But they've kept the indicator stalk. Unlike a Model 3. The wrapround LED strip is new. The front seats will warm and cool your back. They didn't before. Other things. The seat bases are longer in the back. So they're more comfortable. There's a little entertainment screen to play arcade games. The front passenger seat moves forward at the touch of a button for limo-like legroom. 6. Sound. It's now much quieter in here which makes it feel more expensive. There's extra insulation. Acoustic glass. Redesigned door seals. All little details that add up. 7. The boot is a smidge smaller. But you'll never notice. I had to look it up. The seats now fold up and down automatically, where they only folded flat before. You had to push them back up. 8. The suspension has been tweaked so it rides better. Batteries and motors are unchanged. But improved regenerative braking tech adds more electrons. Every version should do 300 miles-plus, with the rear-wheel drive Long Range hitting 387 miles. There's talk of a bigger battery nudging 500 miles. 9. Price. The standard rear-drive Model Y starts at £45k, which is £2k more than before. Not bad. The all-singing all-wheel drive Long Range is £52k. 10. This isn't specific to Model Y but Tesla's Supercharger network blows everyone else out of the water. It's next-level good. Quick. Easy. No cards. No apps. And cheaper too. It doesn't really matter if you like Musk or not. If you want a minimalist, tech-rich family motor, Model Y moves the game on. 6 There's a little entertainment screen to play arcade games Credit: simon thompson 6 The old one was fugly. The world's best-selling car two years on the bounce, yes. But still fugly Credit: simon thompson 6 Elon Musk's Tesla brand has been having a tough time recently, but sales are now likely to take off Credit: Getty
Scottish Sun
an hour ago
- Scottish Sun
Popular fast food chain with more than 140 UK sites reveals plans for new Scots restaurant
COMING SOON Popular fast food chain with more than 140 UK sites reveals plans for new Scots restaurant A POPULAR fast food chain with over 140 diners across the UK is set to open a brand-new branch in Scotland. German Doner Kebab will open its doors next month at Maurice's Gate in Cumbernauld, near Glasgow. 2 German Doner Kebab is set to open in Cumbernauld next month Credit: Getty 2 CEO Simon Wallis said he was "thrilled" to announce the opening Credit: Gary Stone The new eatery will mark the brand's tenth location in Scotland. Known for its 'bold flavours, premium ingredients, and 100% halal-friendly menu', GDK has become a firm favourite among food lovers. The mouth-watering menu includes doner wraps, burgers, Doritos-flavoured 'kebags', veggie kebabs and rice bowls. GDK boss Simon Wallis said he was "thrilled" about the latest addition, saying the opening has 'been in the pipeline for a while'. He said: 'Our menu is built around quality ingredients, bold flavours, and a new perspective on a nationwide favourite. 'As we continue growing, openings like Cumbernauld are testament to the driving force behind the GDK brand. 'We're incredibly proud of how far we've come and would like to extend a special thanks to our hard-working team across the country. 'Congratulations to our new franchise partner on his first GDK – we wish him the very best of luck on this exciting journey and can't wait to introduce Cumbernauld to 'Kebabs Done Right'.' Elsewhere, Nando's has announced the opening of its first restaurant in a Scots town. The chain revealed it is bringing its famous grilled peri-peri chicken to Kilmarnock "later this year". UK's biggest kebab chain trials 'robotic shavers' to slash costs after Labour's hated budget tax on business And Scotland's favourite takeaways have been revealed. One in four Scots selected Chinese cuisine as their top choice for a tasty treat.
Leader Live
2 hours ago
- Leader Live
Trump says US will get magnets and rare earth minerals in China trade deal
In return, Mr Trump said the US will provide China 'what was agreed to', including allowing Chinese students to attend American colleges and universities. The new 55% tariff rate would mark a meaningful increase from the 30% levy set in Switzerland during talks in May. 'OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,' Mr Trump wrote on his social media site. He said full magnets and any necessary rare earths will be supplied up front by China. 'WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!' Mr Trump wrote. Several global brands are among dozens of companies at risk of using forced labour through their Chinese supply chains because they use critical minerals or buy minerals-based products sourced from the far-western Xinjiang region of China, an international rights group said on Wednesday. The report by the Netherlands-based Global Rights Compliance says companies including Avon, Walmart, Nescafe, Coca-Cola and paint supplier Sherwin-Williams may be linked to titanium sourced from Xinjiang, where rights groups allege the Chinese government runs coercive labour practices targeting predominantly Muslim Uyghurs and other Turkic minorities. The report found 77 Chinese suppliers in the titanium, lithium, beryllium and magnesium industries operating in Xinjiang. It said the suppliers are at risk of participating in the Chinese government's 'labour transfer programmes,' in which Uyghurs are forced to work in factories as part of a long-standing campaign of assimilation and mass detention. Commercial paints, thermos cups and components for the aerospace, auto and defence industries are among products sold internationally that can trace their supply chains to minerals from Xinjiang, the report said. It said that companies must review their supply chains. 'Mineral mining and processing in (Xinjiang) rely in part on the state's forced labour programmes for Uyghurs and other Turkic people in the region,' the report said. The report came as China and the United States, the world's two largest economies, said that they have agreed on a framework to get their trade negotiations back on track after a series of disputes that threatened to derail them. The two sides on Tuesday wrapped up two days of talks in London that appeared to focus on finding a way to resolve disputes over mineral and technology exports that had shaken a fragile truce on trade reached in Geneva last month. Asked about the report, the Chinese Foreign Ministry said that 'no-one has ever been forcibly transferred in China's Xinjiang under work programmes'. 'The so-called allegation of forced labour in China's Xinjiang region is nothing but a lie concocted by certain anti-China forces. We urge the relevant organisation to stop interfering in China's internal affairs and undermining Xinjiang's prosperity and stability under the guise of human rights,' ministry spokesperson Lin Jian said. The named companies did not immediately comment on the report. A UN report from 2022 found China may have committed crimes against humanity in Xinjiang, where more than one million Uyghurs are estimated to have been arbitrarily detained as part of measures that the Chinese government said were intended to target terrorism and separatism. The Chinese government has rejected the UN claims and defended its actions in Xinjiang as fighting terror and ensuring stability. In 2021, then-US president Joe Biden signed a law to block imports from the Xinjiang region unless businesses can prove the items were made without forced labour. The law initially targeted solar products, tomatoes, cotton and apparel, but the US government recently added new sectors for enforcement, including aluminium and seafood. Many of China's major minerals corporations have invested in the exploration and mining of lithium, a key component for electric vehicle batteries, in Xinjiang, Global Rights Compliance said. Xinjiang is also China's top source of beryllium, a mineral used for aerospace, defence and telecommunications, its report said. A recent report by the International Energy Agency said that the world's sources of critical minerals are increasingly concentrated in a few countries, notably China, which is also a leading refining and processing base for lithium, cobalt, graphite and other minerals.
