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US grain trader Bunge is focused on remaining independent as it resists takeover interest from Swiss mining company Glencore by strengthening its defenses with the appointment of advisers. It is currently working with JPMorgan Chase and law firm Shearman & Sterling.
Bunge said it is not in “business combinations” talks with Glencore. The sudden proposal from Glencore startled Bunge since it was focused on a partnership or merger with the miner's agricultural arm instead of a sale. It is currently in the process of reviewing options for dealmaking in the agricultural commodities sector.
Glencore's approach left the New York-listed company with its shares surging to $83.75, its highest level since July 2015. Bunge shares closed at $80.30 on Friday.
Ivan Glasenberg, Glencore's chief executive, has refused to comment when asked if he plans to launch a hostile bid for Bunge, which has a market value of $11 billion. However, he noted that the company is eager to expand its agricultural unit and that Bunge would be a good fit.
Bunge shares jumped on news of Glencore's interest, climbing from $70 to nearly $84 before trimming gains. Credit Suisse analysts said that Bunge should sell itself to Glencore's agricultural arm and $90-$95 a share would be the suitable range for the deal.
