Deals & Cases

Homburger advised Bunge on its business combination with Viterra

On June 13, 2023, Bunge Limited (NYSE: BG) («Bunge») announced it has entered into a definitive agreement with Viterra Limited, a private company limited by shares incorporated under the laws of Jersey («Viterra»), together with certain affiliates of Glencore PLC (LSE: GLEN) («Glencore»), Canada Pension Plan Investment Board («CPP Investments») and British Columbia Investment Management Corporation («BCI»), to merge with Viterra in a stock and cash transaction. The merger of Bunge and Viterra will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.

Under the terms of the agreement, which was unanimously approved by the Boards of Directors of Bunge and Viterra, Viterra shareholders would receive approximately 65.6 million shares of Bunge stock, with an aggregate value of approximately $6.2 bn, and approximately $2.0 bn in cash, representing a consideration mix of approximately 75% Bunge stock and 25% cash. As part of the transaction, Bunge will assume $9.8 bn of Viterra debt, which is associated with approximately $9.0 bn of highly-liquid Readily Marketable Inventories.

Homburger has been advising Bunge on Swiss law matters. The Homburger team was led by David Oser (Corporate / M&A; Capital Markets) and comprised Thierry Burckhardt (Corporate / M&A; Capital Markets), Stefan Oesterhelt and Laetitia Fracheboud (both Tax).