CHICAGO — Agriculture heavyweight Bunge is buying Corn Products International in a $4.4 billion stock deal combining two of the nation’s oldest agricultural businesses. Bunge will also assume $414 million of Corn Products’ debt under the deal announced Monday by the two companies. Corn Products shares climbed almost 24 percent.
The buyout will combine Westchester, Ill.-based Corn Products’ sweeteners, starches and other ingredients with White Plains, N.Y.-based Bunge’s portfolio of agribusiness, fertilizer, edible oil and milling products.
The global market for starches and sweeteners alone is growing at about 5 percent each year, and Corn Products has some of the biggest beer- and foodmakers in the world as clients. Corn Products shareholders will get Bunge stock worth $56 for each Corn Products share, a 31 percent premium to Corn Products’ closing share price of $42.90 on Friday.
Once the deal closes, Corn Products stockholders will own about 21 percent of the enlarged Bunge. The Associated Press
