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US: Glencore makes takeover approach to rival Bunge

 |  May 23, 2017

Glencore the commodity giant led by billionaire Ivan Glasenberg, has made a takeover approach for US grain trader Bunge.

Glencore said it approached Bunge about “a possible consensual business combination,” the company said in a statement Tuesday, adding that there’s “no certainty that any transaction will occur.”

The Wall Street Journal reported, citing people familiar with the matter, that Switzerland-based Glencore aims to gain a presence in the US agriculture market through a deal with Bunge. There’s no assurance that talks will lead to a deal, the report noted.

Shares of White Plains, New York-based Bunge surged after news of the approach was reported earlier, jumping as much as 18 percent in the stock’s biggest intraday gain since 2008. The US company has a market value of about $11.3 billion.

Full Content: Wall Street Journal

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