Glencore Secures One-Third Stake, Finalizes 14 Trillion Won Major Agricultural Deal

On July 2, 2025, Bunge Global SA (“Bunge”), a leading agribusiness and food company, finalized its acquisition of Viterra, completing an equity-and-cash deal valued at approximately $10.6 billion, including debt (about KRW 14 trillion).

Bunge issued tens of millions of new shares and paid roughly $1.9 billion in cash (around KRW 2.5 trillion) to Viterra shareholders. As a result, existing shareholders such as Glencore and the Canada Pension Plan Investment Board now hold about 33% of the combined company. The acquisition was financed with Bunge’s existing cash reserves, previous debt facilities, new loans, and $2.0 billion of newly issued corporate bonds.

Viterra’s bonds were converted into Bunge-issued and guaranteed securities through exchanges of U.S. dollar- and euro-denominated bonds and amendments to their terms. Certain operations—specifically the EU-required Hungary and Poland oilseed businesses, Canadian grain elevators, European margarine facilities, and North American corn milling—were classified as held for sale or discontinued operations. These were included in the pro forma consolidated financial information for 2025, excluding estimated synergies and integration costs.

On February 4, 2026, Bunge reported its fourth-quarter and full-year 2025 results. While revenues rose significantly due to the Viterra acquisition, net income and diluted earnings per share declined year-over-year. The company provided adjusted EPS guidance of $7.50 to $8.00 for 2026.

At its Investor Day in New York on March 10, 2026, Bunge raised its mid-cycle adjusted EPS target to approximately $13 and set a longer-term goal of at least $15 by 2030. It also announced a $3 billion share repurchase program (about KRW 4 trillion) and committed to returning at least 50% of excess cash through dividends and buybacks.

Headquartered in Geneva, Switzerland, Bunge Global SA is a major global agribusiness that connects farmers with food, feed, and biofuel customers worldwide. Its business model spans the collection and processing of grains and oilseeds, as well as the supply of edible oils and food ingredients.

The agricultural trading and processing industry is dominated by a few large players—such as Cargill, Archer Daniels Midland, and Louis Dreyfus—who significantly influence global grain supply chains and pricing. Geopolitical risks and climate-driven supply volatility remain key variables affecting the sector’s performance and valuations.