OTTAWA (Reuters) — Canada on Tuesday approved with conditions Bunge’s US$34 billion merger with Glencore-backed Viterra, clearing one of the final remaining obstacles for a global agriculture tie-up that is unprecedented in dollar value. The conditions for the approval include Bunge’s divestiture of six grain elevators in Western Canada and a binding commitment from Bunge […] Read more
Tag Archives Bunge — page 2
Canola crush plant expands
SASKATOON — The first in a series of previously announced canola crush plants is up and running, while other projects appear to be stalled. Richardson International has more than doubled capacity at its plant in Yorkton, which can now crush 2.5 million tonnes of seed annually, up from 1.1 million tonnes. Related stories: • Overseas […] Read more
Sustainability has a problem
MINNEAPOLIS — Mars has a problem. Not the red planet, but the company. It’s one of the largest human and pet food companies in the world, posting $50 billion in revenue last year. Related stories in this issue: Global sales have been increasing, and this year the privately held company acquired the Kellogg’s line of […] Read more
Louis Dreyfus profit drops
PARIS, France (Reuters) — Louis Dreyfus Co. has posted higher first-half sales volumes and a drop in profit as the commodity group faces rising supply and lower prices of some major crops. LDC, one of the world’s largest crop traders and processors, said its core earnings were US$1.057 billion in the first six months of […] Read more
Proposed merger of grain giants betrays firm’s Prairie origins
As American grocery buyers await a Federal Trade Commission verdict on Kroger’s two-year-old, US$24.6 billion bid to buy competitor Albertsons, the European Commission took just 35 days to give its blessing to the merger between two of the world’s largest grain merchandisers, Bunge and Viterra. The mega-deal, valued at about $34 billion at the time […] Read more
Illegal Brazilian soybeans sold on global markets
Multinational companies indirectly buy crop grown on illegally leased tribal lands as issue causes division and conflict
PASSO FUNDO, Brazil (Reuters) — Farm co-operatives in Brazil that supply some of the world’s biggest multinational agricultural firms are buying soybeans grown illegally on Indigenous reservations in the country, according to tribal leaders and court records. This comes despite the companies’ public pledges to respect the land rights and resources of Indigenous peoples. The […] Read more
Corporate merger approvals need new approach
Will Canada approve, deny or put conditions on Bunge’s proposed takeover of Viterra? We don’t know yet, but on Aug. 1, the European Commission approved Bunge’s acquisition of Viterra on the condition it sells Viterra’s oilseed businesses in Hungary and Poland, along with logistical assets linked to these operations. “These commitments fully address the competition […] Read more
Bunge waits for merger decision
SASKATOON — Bunge is confident it will gain Canadian regulatory approval of its attempt to acquire Viterra. Most jurisdictions where the companies operate have already approved the US$34 billion deal. Canada is one of the last ones remaining. Related stories: “We continue to engage with the Government of Canada and expect to address questions and […] Read more
EU clears Bunge and Viterra’s $34 billion deal
BRUSSELS, Aug 1 Reuters – The European Commission cleared the US$34 billion merger deal between Bunge BG.N and the Glencore-backed company Viterra. “The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Viterra Limited by Bunge Global S.A. The approval is conditional upon full compliance with the commitments offered by the […] Read more
Bunge shares hit on profit miss
REUTERS — Bunge missed Wall Street expectations for second-quarter profit late last month as narrower processing margins hurt the grain trader. Ample global supplies of soybeans and corn are keeping crop prices near four-year lows and discouraging farmers from selling their harvests, squeezing global traders and oilseed processors. Adjusted earnings in Bunge’s agribusiness segment, its […] Read more
