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ADM pursues big ag merger with grain trader Bunge

From Reuters:

Top U.S. grain merchant Archer Daniels Midland Co. has proposed a takeover of Bunge Ltd., according to a person familiar with the approach, which could set up a bidding war with Swiss-based rival Glencore Plc.

Bunge, which rebuffed an acquisition offer from Glencore last year, might not follow up on ADM’s proposal, the source said, requesting anonymity because the approach is confidential. A standstill agreement prevents Glencore from making a new offer until next month, and Bunge is keeping its options open for now, the source added.

ADM is the most U.S.-focused of the major grain companies and a takeover would help it grow in South America, where Bunge is a major agricultural force.

More at Reuters

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