Bunge and Viterra sign merger agreement to create global agribusiness
By The Canadian Press on June 13, 2023.
TORONTO – U.S. company Bunge Ltd. has signed a deal to merge with Viterra Ltd., which is owned by Glencore, the Canada Pension Plan Investment Board and B.C. Investment Management Corp. The companies say the deal will create a global agribusiness company well positioned to meet the demands of complex markets and better serve farmers and customers. Under the terms of the agreement, Viterra’s shareholders will receive 65.6 million Bunge shares, valued at a total of about US$6.2 billion, and about US$2.0 billion in cash. Bunge will also assume US$9.8 billion of Viterra debt. Viterra shareholders will own 30 per cent of the combined company on a fully diluted basis when the deal closes and about 33 per cent after completion of a planned US$2-billion share repurchase plan by Bunge. The combined company will be led by Bunge chief executive Greg Heckman and Bunge chief financial officer John Neppl, while Viterra chief executive David Mattiske will become co-chief operating officer. This report by The Canadian Press was first published June 13, 2023. 8-7
