Bunge has announced that its merger with Viterra has been completed, which now makes Bunge one of the world’s largest grain companies.
The merger was first announced in June 2023, and Bunge had initially sought to close the deal by mid-2024. However, the deal was held up as it awaited antitrust approvals from various regions. The transaction now is closed, weeks after receiving crucial support in China.
The terms of the merger announced in 2023 includes Viterra shareholders receiving about 65.5 million shares of Bunge stock valued at around $6.2 billion along with about $2 billion in cash.
“Today is a defining moment for our company and our global team as we complete this transformative business combination,” said Greg Heckman, Bunge’s Chief Executive Officer in a statement. “I’m grateful to our colleagues whose energy, collaboration and commitment brought us to this milestone. Together, we’ve formed a stronger organization with enhanced capabilities and expertise to meet the evolving needs of our customers, maximize value for our stakeholders and fulfill our shared purpose to connect farmers to consumers to deliver food, feed and fuel to the world. Now, we begin the exciting work of bringing our teams and operations together, uniting our strengths to realize the full potential of this combination.”
Bunge announced in Dec. 2022 that it was investing $550 million to build a soy protein concentrate facility next to the company’s existing soybean processing plant in Morristown in Shelby County, Indiana. The new facility is planned to open in 2025 and is expected to process an additional 4.5 million bushels of soybeans. In addition, Bunge also has locations across Indiana in Decatur, Rushville, and Indianapolis.
Sources: Bunge, NAFB News Service
