Bunge to Sell Ownership Stake in Brazilian Sugar and Bioenergy Joint Venture

Bunge to Sell Its 50% Stake in BP Bunge Bioenergia to bp

Bunge has reached agreements to sell its 50% ownership in BP Bunge Bioenergia to bp, its joint venture partner. Established in 2019, BP Bunge Bioenergia integrates the bioenergy and sugarcane ethanol operations of both companies, spanning 11 mills across Brazil’s Southeast, North, and Midwest regions. Upon completion, expected in Q4 2024, bp will assume full ownership of the venture.

Greg Heckman, CEO of Bunge, remarked, “We are proud of the accomplishments and leadership position achieved by our sugar and bioenergy business since partnering with bp. However, this sector does not align with Bunge’s long-term strategy. This transaction allows us to concentrate on our core operations and reinforce our financial position. We extend our best wishes to bp and the team for their ongoing success.”

The sale is anticipated to generate approximately $800 million in net proceeds, subject to customary closing conditions and regulatory approvals. J.P. Morgan is advising Bunge exclusively on financial matters, with legal counsel provided by Tauil & Chequer Advogados associated with Mayer Brown.”

At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As a world leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

Source link