By Ryan Hanrahan
Bloomberg’s Michael Hirtzer reported that “Bunge Global SA completed its takeover of Glencore Plc-backed Viterra, a move that will help the combined businesses better compete with larger rivals like Cargill Inc. and Archer-Daniels-Midland Co. as the crop-trading sector faces a downturn in profits.”
“First announced about two years ago, Bunge had initially sought to close the deal by mid-2024, but was held up as it awaited antitrust approvals from various regions,” Hirtzer reported. “The transaction now is closed, Bunge said in a Wednesday statement, weeks after receiving crucial support in China.”
Bunge, the world’s biggest oilseed processor and the B in the quartet of agricultural powerhouses known as the ABCDs, has been pressured as ample world harvests weigh on commodities prices, while US President Donald Trump’s trade disputes threaten demand,” Hirtzer reported. “Viterra’s vast network of storage facilities, port terminals and vessels should broaden Bunge’s trading opportunities.”
“‘Today is a defining moment for our company,” Bunge Chief Executive Officer Greg Heckman said in the statement,” according to Hirtzer’s reporting. “‘Now, we begin the exciting work of bringing our teams and operations together.'”
Source : illinois.edu