2nd Jul 2025 18:22
(Alliance News) - Glencore PLC on Wednesday confirmed the closing of the merger between its former agriculture investment Viterra Ltd and New York-listed Bunge Global SA, securing a multi-billion-dollar return from the transaction.
The Barr, Switzerland based multinational commodity trading and mining company said it has received 32.8 million Bunge shares, equal to a 16.4% stake in the enlarged group, as well as around USD900 million in cash.
The stake is currently valued at about USD2.63 billion, based on Bunge's closing share price on Tuesday.
Glencore said the NYSE-listed Bunge shares represent surplus capital and will support a share buyback programme of up to USD1.0 billion. The buyback is expected to begin on Monday, July 7, and be completed by the release of Glencore's 2025 financial results in February 2026.
The merger, first announced in June 2023, combines two of the world's largest grain handlers.
Glencore originally acquired Viterra as part of its agriculture strategy but began reducing its stake in 2016 when the Canada Pension Plan Investment Board and British Columbia Investment Management Corp bought into the business.
Chief Executive Officer Gary Nagle previously said the transaction would create a "premier pure-play agribusiness solutions company" capable of addressing global demand and food sustainability needs.
Shares in Glencore closed up 5.2% at 306.50 pence in London on Wednesday, giving the company a total market capitalisation of GBP36.54 billion.
Bunge Global was 1.1% higher at USD81.16 in New York on Wednesday afternoon, for a market capitalisation of USD10.91 billion.
By Eva Castanedo, Alliance News reporter
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