US-based agribusiness Bunge has struck a deal to buy food ingredients firm Corn Products International for US$4.8bn.

Bunge, which makes fertilizers, oils and grains, said it had secured an agreement to buy Corn Products in a $56-a-share deal.

The move will see Bunge produce finished corn products like starches and sweeteners, including high fructose corn syrup.

Bunge chairman and CEO Alberto Weisser said: “Combining with Corn Products provides a unique opportunity for Bunge to establish an integrated, global presence in the corn value chain, which is highly complementary to our existing operations.”

Corn Products shareholders will acquire a 21% stake in Bunge as part of the deal. Sam Scott, chairman, president and CEO of Corn Products, said: “Our stockholders will have an ongoing equity interest in a combined company that is well-positioned to serve customers around the world with a broad product portfolio, integrated distribution network and innovative products.”

Bunge flagged the “commercial, geographic and operational opportunities” of the proposed deal.

The company pointed to the growth of the starches and sweeteners market, which is expanding at 5% a year, and an enlarged presence in markets in China, India, Latin America, Asia and Africa.

Bunge also expects to generate annual cost-savings of $100-120m a year in procurement and logistics.