Bunge Shareholders Approve Acquisition of Viterra, Creating Agribusiness Giant

Shareholders of Bunge, a global grains merchant and oilseeds processor, have given their approval for the company’s acquisition of Viterra, a Glencore-backed entity. The merger, valued at $34 billion including debt, is set to be finalized in mid-2024, pending regulatory approval and the fulfillment of closing conditions.

The acquisition of Viterra will position Bunge as a major player in the global agricultural sector, bringing it closer in scale to competitors like Archer-Daniels-Midland and Cargill. This move is expected to create an agribusiness giant that can capitalize on the growing demand for vegetable oils used in biofuels.

Bunge’s CEO, Greg Heckman, expressed gratitude for the shareholders’ vote of confidence in the company’s strategy. He emphasized that the focus remains on effectively managing operations while planning for a successful integration.

In addition to approving the acquisition, Bunge shareholders also agreed to the issuance of 65,611,831 common shares and a change in the company’s incorporation from Bermuda to Switzerland.

The deal is being closely monitored by regulators concerned about the potential impact of consolidation on the agriculture sector. The Canadian government, for instance, is currently reviewing the acquisition.

As Bunge moves forward with the acquisition of Viterra, the company aims to strengthen its position as the world’s largest oilseed processor and meet the rising demand for vegetable oils. The successful completion of this deal will mark a significant milestone for Bunge and pave the way for future growth and expansion in the agribusiness industry.