U.S. grains merchant Bunge Ltd is putting the final touches on a deal to merge with Glencore Plc -backed peer Viterra and create an agricultural trading giant worth more than $30 billion, including debt, people familiar with the matter said on Thursday.
Bunge, whose market value is about $14 billion and carries debt net of cash of about $2.7 billion, will pay for most of the deal with stock but will also use cash and has lined up debt financing from banks, the sources said. Bunge's management team, led by Chief Executive Greg Heckman, would oversee the combined company, the sources added.
While the deal is on track to be announced next week, there is always a possibility it may collapse at the last minute, the sources cautioned, requesting anonymity because the matter is confidential. The deal's final value may vary based on the movement of Bunge's shares by the time the agreement gets signed, according to the sources.Bloomberg News hadthat Bunge and Viterra were in talks to combine, without providing details on the deal's terms and timing.
, Cargill Inc and Louis Dreyfus Co. Collectively referred to as "ABCD," they have been raking in hefty profits after the war in Ukraine disrupted shipments and sent crop prices skyrocketing. Acquiring Viterra would bring Bunge revenue's revenues -- $67.2 billion in 2022 -- in line with Archer-Daniels-Midland, which registered sales of nearly $102 billion last year. The deal would also buoy Bunge's grain exporting and oilseed processing businesses.
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