US food and agribusiness Bunge has said it has completed a tender offer for the outstanding ordinary and preferred shares of Bunge Brasil, the holding company for Bunge’s Brazilian operations.
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As a result of the tender offer, Bunge now owns 98.3% of Bunge Brasil, which will be automatically delisted from the Sao Paulo Stock Exchange. Bunge is to pay around US$277m for the shares.
Because it now owns more than 95% of the total capital of Bunge Brasil, Bunge, in accordance with Brazilian law, has the right to conduct a squeeze-out of the remaining minority shareholders of Bunge Brasil.
