REUTERS — Shareholders of global grains merchant and oilseeds processor Bunge approved the company’s acquisition of Viterra during a shareholder meeting on Oct. 5, Bunge said in a statement.
The merger, which will create a company worth $34 billion including debt, is expected to be finalized in mid-2024 after closing conditions are met and regulators have signed off on the deal, Bunge said.
The shareholders’ approval brings Bunge closer to wrapping up the deal that is unprecedented in the global agricultural sector and will create an agribusiness giant nearer in global scale to rivals Archer-Daniels-Midland and Cargill.
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“We appreciate our shareholders’ vote of confidence in our strategy…. Our team is focused on effectively running our operations while also planning for a successful integration,” Bunge chief executive officer Greg Heckman said in statement.
Bunge shareholders also on Oct. 5 approved the issuance of 65,611,831 common shares and a move of Bunge’s incorporation to Switzerland from Bermuda.
Bunge’s Viterra acquisition would make the world’s largest oilseed processor more dominant as it aims to capitalize on soaring demand for vegetable oils to produce biofuels.
The buyout is being scrutinized by regulators concerned about how consolidation would affect the agriculture sector. Canada’s minister of transport said recently the Canadian government is reviewing the deal.
