Bunge Ltd. has signed a deal to merge with Viterra Ltd.
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 merger is expected to close in mid-2024, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by Bunge shareholders.