US agribusiness giant Bunge has completed its acquisition of “a cluster” of sugarcane mills in Brazil from Moema Group.
Bunge now owns 100% of three mills, Moema, Frutal and Ouroeste, 70% of the Guariroba mill and approximately 44% of a fifth mill, Itapagipe.
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Bunge issued around 9m common shares at closing. The final number of shares to be issued to the sellers is subject to a post-closing adjustment based upon the mills’ net debt and working capital.
Bunge expects to complete the acquisition of the remaining interests in the Guariroba and Itapagipe mills in the coming days, the company said.
Additional shares will be issued in conjunction with these closings.
Upon completion of these transactions, Bunge will own 100% of five of the Moema Group mills, with a total sugarcane milling capacity of 13.7m metric tons.
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