Latest news with #BungeViterra
Reuters
20 hours ago
- Business
- Reuters
Bunge completes long-delayed mega-merger with grain handler Viterra
CHICAGO, July 2 (Reuters) - Global agribusiness Bunge Global (BG.N), opens new tab said it officially closed a long-delayed deal to merge with Glencore-backed (GLEN.L), opens new tab Viterra on Wednesday, two years after announcing the $34 billion mega-deal. The merger creates a global crop trading and processing giant that is poised to rival agribusiness giants Archer-Daniels-Midland (ADM.N), opens new tab and Cargill, at a time when slumping grain prices, weak crop-processing margins and geopolitical tensions have eroded profitability in the sector. Bunge shares closed 1.4% higher on Wednesday. The deal culminates a dramatic turnaround for Missouri-based Bunge. Just seven years ago, the two-century-old company struggled through a particularly weak stretch of earnings results that left it vulnerable to takeover attempts by rivals Glencore and ADM. Investor pressure forced out Bunge's CEO Soren Schroder in late 2018, before Greg Heckman was appointed to lead the company in April 2019. Last month, China's market regulator granted conditional approval for the merger, which cleared the final hurdle for the deal. Heckman will remain CEO of the combined company, and Bunge Chief Financial Officer John Neppl will also keep his role, Bunge said on Wednesday. Viterra CEO David Mattiske and Julio Garros, Bunge's co-president of agribusiness, will be co-chief operating officers. The merger with Netherlands-based Viterra enhances Bunge's grain exporting and oilseed processing businesses in the United States, where it has a smaller presence than its larger rivals ADM and Cargill, according to analysts. The deal also expands Bunge's export capacity and physical grain storage and handling footprint in major global wheat suppliers Canada and Australia.
CTV News
2 days ago
- Business
- CTV News
$8.2B Viterra-Bunge merger now complete
The merger between U.S.-based Bunge and Viterra is now complete, according to a press release from Bunge on Wednesday. 'Today is a defining moment for our company and our global team as we complete this transformative business combination. I'm grateful to our colleagues whose energy, collaboration and commitment brought us to this milestone,' Bunge CEO Greg Heckman said in a statement. Heckman went on to say the two companies will form a stronger organization in the food, feed and fuel sectors. 'Now, we begin the exciting work of bringing our teams and operations together, uniting our strengths to realize the full potential of this combination,' Heckman said. As part of the merger, Heckman will continue to lead the company, while current Viterra CEO David Mattiske will join the Bunge executive leadership group as a Co-Chief Operating Officer. In a message appearing on its own website, Regina-based Viterra said 'as of July 2, Bunge and Viterra combined to become one company. Together, we will play a leading role in the future of the agriculture industry.' The deal was approved by Ottawa in January with several conditions following its initial announcement in 2024. The merger has come under fire from various agricultural groups and the Saskatchewan NDP. The terms include Bunge's selloff of six grain elevators in western Canada, strict and legally binding controls on Bunge's stake in G3 and a price protection program for certain purchasers of canola oil. Additional terms include a commitment for Bunge to invest at least $520 million in Canada over the next five years and retain Viterra's head office in Regina for at least five years. A full list of terms is available on the Orders in Council online database. In total, the merger deal is worth $8.2 billion. Viterra, formerly the Saskatchewan Wheat Pool, is a grain-handling business that has more than 80 facilities across the country. Viterra was acquired by Swiss commodities giant Glencore in 2012 for $6.1 billion. Glencore later sold a 40 per cent stake in the company to the CPP Investment Board and a nearly 10 per cent stake to the B.C. Investment Management Corp. -With files from David Prisciak and the Canadian Press
Globe and Mail
16-06-2025
- Business
- Globe and Mail
China approves Bunge's $34-billion merger with Glencore-backed Viterra
China's market regulator has granted conditional approval for global agribusiness Bunge Global SA's BG-N merger with Glencore-backed grain handler Viterra, it said on Monday, as the company cleared the final hurdle for the US$34-billion megadeal announced two years ago. China's confirmation comes after Bunge said it received regulatory approval from China for the merger on Friday.
Reuters
16-06-2025
- Business
- Reuters
China grants conditional approval for Bunge's merger with Viterra
BEIJING, June 16 (Reuters) - China's market regulator has granted conditional approval for global agribusiness Bunge Global SA's (BG.N), opens new tab merger with Glencore-backed grain handler Viterra, it said on Monday, as the company cleared the final hurdle for the $34 billion mega-deal announced two years ago. China's confirmation comes after Bunge said it received regulatory approval from China for the merger on Friday.
