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Bunge Global SA (NYSE: BG) is a leading global agribusiness and food company, with a strong presence in over 40 countries and employing approximately 35,000 people. Founded in 1818 and headquartered in White Plains, New York, Bunge operates at every stage of the food production chain. The company specializes in buying, selling, storing, and transporting oilseeds and grains to meet the needs of customers worldwide.
Bunge processes oilseeds to produce protein meal for animal feed and edible oil products for both commercial customers and consumers. The company is also engaged in the production of sugar and ethanol from sugarcane, as well as milling wheat, corn, and rice to create ingredients for food companies. Additionally, Bunge is a significant seller of fertilizer in South America.
The company operates through several segments, including Agribusiness, Refined and Specialty Oils, Milling, Sugar and Bioenergy, and Corporate and Other. The Agribusiness segment generates the majority of Bunge's revenue and includes activities related to oilseed and grain processing. By leveraging its extensive global network and state-of-the-art facilities, Bunge ensures the efficient transportation and processing of agricultural commodities.
In recent developments, Bunge has partnered with ag-tech start-up WeedOut, Ltd., through its investment arm, Bunge Ventures. WeedOut specializes in developing green solutions to combat herbicide-resistant weeds, an issue posing a significant threat to agriculture and food security worldwide. This collaboration aims to enhance crop yields and reduce reliance on chemical herbicides.
With a commitment to sustainability and innovation, Bunge continues to play a crucial role in connecting farmers to consumers, delivering essential food, feed, and fuel to a growing global population.
Bunge has achieved 100% traceability and monitoring of both direct and indirect soy purchases in priority regions of Brazil's Cerrado biome, becoming the first global commodity exporter to reach this milestone. The accomplishment covers priority regions at risk of deforestation in Maranhão, Tocantins, Piauí, Bahia and Mato Grosso. Through its Sustainable Partnership program, Bunge collaborates with over 90 grain resellers, monitoring approximately 2,000 properties across 2 million hectares. The company has partnered with Vega Monitoramento to provide the LYRA platform, offering satellite monitoring and socio-environmental compliance tools, which will now be made available to other companies in the sector.
Bunge Global (NYSE: BG) announced its Board's authorization of an additional $500 million share repurchase program on November 13, 2024. This expansion adds to the approximately $800 million remaining from a previous program authorized in June 2023, bringing the total authorization to $1.3 billion. The company plans to use proceeds from the sale of its sugar and bioenergy joint venture interest to fund the expanded program. The repurchases can be executed through various means, including open market and private transactions, with timing and volume dependent on market conditions.
Bunge Global SA (NYSE: BG) announced that its subsidiary, Bunge Finance Corp., has extended the expiration date of its exchange offers for Viterra Finance B.V.'s outstanding notes to January 2, 2025. The exchange offers involve up to $1.95 billion aggregate principal amount of new notes to be issued by BLFC and guaranteed by Bunge. The extension is related to Bunge's pending acquisition of Viterra, expected to close in the next several months pending regulatory approvals. Current tender participation rates are high, ranging from 94.4% to 99.3% across different note series.
Bunge Global SA (NYSE: BG) reported Q3 2024 results with GAAP diluted EPS of $1.56, down from $2.47 in the prior year, and adjusted EPS of $2.29 versus $2.99. The company showed solid performance in Agribusiness and Refined and Specialty Oils, though results decreased year-over-year due to global margin environment. During Q3, Bunge repurchased $200 million of common shares, bringing YTD total to $600 million. The company adjusted its full-year EPS outlook to at least $9.25. Notable developments include closing the sale of the sugar & bioenergy joint venture and advancing Viterra integration planning.
Bunge has expanded its Global Volunteer Program in recognition of World Food Day, with employees in over 85 cities participating in events focused on supporting food security in local communities. This represents a 30% increase compared to 2023. The month-long initiative connects employees with local non-profit organizations to promote nutrition and well-being.
Since the program's launch in 2022, approximately 200 volunteer events have been organized worldwide, including food drives, donations, and educational sessions on healthy eating habits. Many projects have evolved into multi-year relationships in communities where Bunge operates. The company's Chief Sustainability Officer, Robert Coviello, expressed pride in the growing employee enthusiasm for the program, which aligns with Bunge's commitment to creating sustained, positive community impact.
Bunge Global SA (NYSE: BG) announced that its subsidiary, Bunge Finance Corp. (BLFC), has extended the expiration date of its exchange offers and consent solicitations for Viterra Finance B.V.'s outstanding notes. The new expiration date is October 31, 2024, at 5:00 p.m. New York City time. This extension is related to Bunge's pending acquisition of Viterra, which is expected to close in the next several months pending regulatory approvals.
As of October 7, 2024, significant portions of the existing Viterra Notes had been tendered: 94.4% of 2026 Notes, 97.1% of 2027 Notes, 99.3% of 2031 Notes, and 98.3% of 2032 Notes. The exchange offers and consent solicitations are subject to conditions, including the completion of the Viterra acquisition. BLFC may further extend the expiration date if needed to align with the acquisition timeline.
Bunge Global SA (NYSE: BG) has announced its schedule for the release of its third quarter 2024 earnings and subsequent conference call. The company will disclose its financial results for the quarter ending September 30, 2024, on Wednesday, October 30, 2024, before the market opens. Following this, Bunge's management will host a conference call at 7:00 a.m. Central Time to discuss the results.
Investors and interested parties can access the webcast through the company's website, www.bunge.com, under the 'Investor Center' section. A slide presentation will also be available to accompany the discussion. For those unable to join the webcast, dial-in options are provided for both domestic and international callers. A replay of the call will be accessible later on October 30, 2024, and will remain available until November 30, 2024.
Bunge Global SA (NYSE: BG) has announced the completion of the previously disclosed sale of its 50% stake in BP Bunge Bioenergia to bp. As a result of this transaction, bp now owns 100% of the business. The joint venture, which operated in Brazil, has now fully transitioned to bp's ownership. This move aligns with Bunge's strategic decisions regarding its portfolio management and asset allocation.
Bunge Global SA (NYSE: BG) announced that its subsidiary, Bunge Finance Corp. (BLFC), has received significant consents from eligible holders in its exchange offers and consent solicitations for Viterra Finance B.V.'s outstanding notes. The consents allow for amendments to the indentures governing these notes, including the elimination of certain covenants and guarantee provisions.
Key points:
- 96.5% consent received for 2026 and 2031 notes
- 97.6% consent received for 2027 and 2032 notes
- Exchange offers allow holders to swap Viterra notes for new Bunge notes and cash
- Early tender deadline was September 20, 2024
- Final expiration date is October 7, 2024
The exchange offers are part of Bunge's pending acquisition of Viterra, with settlement expected within two business days after the expiration date, subject to the consummation of the business combination.
Bunge Global SA (NYSE: BG) has announced the pricing of a $2.0 billion senior notes offering through its subsidiary, Bunge Finance Corp. The offering comprises three tranches: $400 million of 4.100% Senior Notes due 2028, $800 million of 4.200% Senior Notes due 2029, and $800 million of 4.650% Senior Notes due 2034. These notes will be fully guaranteed by Bunge Global SA. The proceeds will primarily fund the cash consideration for Bunge's proposed acquisition of Viterra and repay a portion of assumed Viterra debt. The offering is expected to close on September 17, 2024, subject to customary conditions. A special mandatory redemption clause is included if the Viterra acquisition is not completed.
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