Monday, November 10, 2008

Bunge Ltd Ends Bid to Acquire Corn Products International

When the board of Corn Products International (CPO) recently announced it could no longer support the acquisition bid from Bunge Ltd (BG) for the company, the deal had little chance of going forward, and Bunge confirmed that today, announcing it had withdrawn its bid.

The primary reason wasn't the credit markets, because the deal was to be financed with stock. Rather, it was the fall in stock price of Bunge which made the deal undesirable to the Corn Products board.

Bunge was hoping to become a significant player in the finished corn products market, expanding from its core food processing business.

Now that the deal won't go forward, we'll probably see a new CEO announced soon to replace outgoing Corn Products CEO Sam Scott.

3 comments:

RPB said...

Can we get some discussion of the USDA ethanol grind/feed/export numbers. They simply do not add up. The USDA must have its head in the wrong place because everyone I am talking to says they are plain wrong.

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