CPP Agrees To Merger Between Bunge And Viterra

(RTTNews) - Canada Pension Plan Investment Board or CPP Investments, announced on Tuesday that they have signed a definitive agreement to support the merger of Viterra and Bunge Ltd (BG), both agriculture, commodities and food companies.

CPP has a 40 percent stake in Viterra since 2016.

CPP Investments will receive around 12 percent equity stake in the combined entity and $0.8 billion in cash after concluding the transaction, which is expected in mid-2024.

Glencore and British Columbia Investment Management Corporation jointly own the other 60 percent of Viterra, and will become the shareholders of Bunge.

Bunge is into oilseed processing and is a producer and supplier of specialty plant-based oils and fats. Viterra on the other hand has a global agriculture network, which connects producers to consumers with sustainable, traceable, and quality-controlled agricultural products.

Currently, shares of Bunge are trading at $94.18 up 0.42% or $0.39 on the New York Stock Exchange.