Bunge Votes To Terminate Corn Products Merger
Following last weeks announcement by Corn Products International that its board of directors had withdrawn its recommendation in favour of merging with Bunge Ltd., the board of directors of Bunge have voted to terminate the proposed merger agreement. Under terms of the agreement, Corn Products must reimburse Bunge for up to $10 million of its costs and expenses incurred in connection with the transaction.
"We remain disappointed with the decision of the Corn Products board to withdraw its recommendation of the merger," said Alberto Weisser, chairman and chief executive officer of Bunge. "While we continue to believe in the long-term strategic benefits of a merger between Bunge and Corn Products, after careful consideration we have determined that it would not be in the best interests of our company or shareholders to pursue the transaction at this time.
"Moving forward, Bunge will continue to pursue its strategy of investing for growth in its core businesses and in complementary value chains."
"We remain disappointed with the decision of the Corn Products board to withdraw its recommendation of the merger," said Alberto Weisser, chairman and chief executive officer of Bunge. "While we continue to believe in the long-term strategic benefits of a merger between Bunge and Corn Products, after careful consideration we have determined that it would not be in the best interests of our company or shareholders to pursue the transaction at this time.
"Moving forward, Bunge will continue to pursue its strategy of investing for growth in its core businesses and in complementary value chains."
