Agribusiness giant Bunge is to offer 10m shares in the business, the company has announced.

The US-based group, which last November dropped plans to buy Corn Products International, said yesterday (10 August) that the proceeds from the share offer would be used to “repay outstanding indebtedness and for other general corporate purposes”.

Bunge said it also intends to grant the underwriters of the issue a 30-day option to buy up to an extra 1.5m shares to cover over-allotments.

In May, Bunge signed a deal to buy Benecol owner Raisio‘s margarine business.

The proposed US$4.4bn takeover of Corn Products fell through after Bunge lost the support of its smaller rival’s directors for the deal.