24 December 2009 15:59 [Source: ICIS news]
TORONTO (ICIS news)--Bunge has agreed to acquire Brazil sugarcane firm Usina Moema Participacoes (Moema Par) in a deal worth about $900m (€630m), the US-based agribusiness and fertilizer producer said on Thursday.
"This transaction fulfils Bunge's strategic goal of building a large-scale, fully integrated business in sugar and bioenergy," said Bunge chief executive Alberto Weisser.
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Moema Par is a holding company that wholly owns one sugarcane mill in
Moema's mills are located on the border of
The acquisition would take the form of a share exchange, with Moema Par shareholders receiving about 7.3m Bunge common shares, Bunge said. Based on Bunge's closing price on Wednesday, the deal was worth about $896m, including some $480m of net debt, it said.
Furthermore, Bunge was planning to acquire in coming weeks the remaining interests in the five mills not fully owned by Moema Par, it added. If successful, this could bring the total value of the deal to about $1.48bn.
Bunge’s shares were up 1.1% at $62.65 in New York at 10:30 local time (GMT 15:30).
($1 = €0.70)
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